Bailout creditors send inspectors to Portugal
LISBON, Portugal (AP) — Portugal’s Finance Ministry says inspectors from the country’s bailout creditors will arrive Sept. 16 to assess Portugal’s progress on repairing its public finances and adopting economic reforms.
In return for a 78 billion euros ($103 billion) rescue package in 2011, the creditors — the International Monetary Fund, European Central Bank and other euro countries — demanded spending cuts to reduce debt. They also required measures to modernize the economy. Disbursement of bailout funds depends on Portugal’s compliance.
The center-left coalition government has struggled to meet some of the demands and almost collapsed in July when the two governing parties fell out over the scale of the measures. That row forced the creditors to postpone their last scheduled visit, which a Finance Ministry statement Monday said will take place this month.