BREAKING NEWS

BREAKING NEWS

Portugal's PM-in-waiting vows to honour IMF deal

Now Reading:

Portugal's PM-in-waiting vows to honour IMF deal

Text size Aa Aa

Portugal’s prime minister-elect Pedro Passos Coelho on Monday vowed to honour the terms of a 78 billion-euro bailout.

In a deal struck last month with the EU and the IMF, Lisbon agreed to reforms aimed at boosting competitiveness and slashing spending.

They include wide-scale privatisation and cuts to public sector salaries.

“We know that we are something of a burden on our European partners from a financial point of view and we don’t want to be a burden a day or second longer than is necessary,” Coelho said in an interview with Portuguese television.

“So we have to streamline the public sector in the manner outlined in my programme and how it’s outlined in the agreement that was made with the European Union and the International Monetary Fund.”

Outgoing Socialist prime minister Jose Socrates earlier gave an emotional farewell to supporters and announced his withdrawal from frontline politics.

Portugal’s economy stagnated during his six-year tenure, recording some of the lowest growth rates in the eurozone.