Bloomberg News

Portugal Faces ‘Worse’ Context Than in 1983, Ter-Minassian Says

September 13, 2011

Sept. 13 (Bloomberg) -- The international context for Portugal is “worse” than it was in 1983, Teresa Ter-Minassian, a former director of fiscal affairs at the International Monetary Fund, said today at a conference in Lisbon.

Ter-Minassian also negotiated the IMF’s 1983 stand-by agreement with Portugal.

Portuguese Prime Minister Pedro Passos Coelho is cutting spending and raising taxes to meet the terms of a 78 billion- euro aid plan from the European Union and the International Monetary Fund. As the country’s borrowing costs surged, Portugal followed Greece and Ireland in April in seeking a bailout.

To contact the editor responsible for this story: Joao Lima at jlima1@bloomberg.net


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