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.
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