Portugal: Second Review Under the Extended Arrangement

December 20, 2011

Preview Citation

Format: Chicago

Portugal: Second Review Under the Extended Arrangement, (USA: International Monetary Fund, 2011) accessed November 21, 2024

Summary

Portugal’s economic adjustment has continued, but the contraction in output has been milder than expected. The 2012 outlook for Europe has deteriorated substantially, with growth revised down by 1¼ percentage points relative to spring forecasts. Substantially higher capital requirements across Europe, coupled with cuts in exposure to the periphery, are placing further pressure on banks and the flow of credit. The authorities have made significant progress in revenue administration reform and public administration restructuring.

Subject: Banking, Competition, Credit, Expenditure, External debt, Fiscal stance, Money, Public debt, Revenue administration

Keywords: CR, Credit, Current account, Europe, Executive board's discussion, Fast-track Emergency Financing Mechanism procedure, Global, Government, ISCR, Portugal's IMF quota, Private sector, Reform agenda, Support

Publication Details

Pages:

129
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/363
Stock No:

1PRTEA2011003
ISBN:

9781463928612
ISSN:

1934-7685

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