EFSF Board of Directors approves final disbursement to Portugal
Klaus Regling, CEO of the EFSF said: “As we approve the final EFSF disbursement to Portugal, I am very pleased to see the country’s achievements under the financial assistance programme. Three years ago Portugal had lost market access. After a painful but necessary economic adjustment the country is now starting to see benefits as imbalances are being corrected and credibility has been regained.”
Klaus Regling added: “The loans provided by the EFSF, together with the EFSM and IMF, enabled Portugal to smoothen the adjustment, to finance its budget, to recapitalise its banking sector while remaining in the euro area. The upcoming end of the programme is not the end of the reform process. Many challenges remain. But the successful steps towards full market access and the determination of the authorities have placed Portugal in a good position to tackle them”.