democracia e dívida

Vale a pena ler: comunicado de imprensa do FMI sobre a situação Portuguesa

In Noticias on 09/11/2013 at 11:09 am

O FMI emitiu ontem um comunicado de imprensa sobre a situação Portuguesa.

“Portugal’s short-term outlook has improved and unemployment has started to decline [vale a pena ler: noticia A, noticia B]. Considerable progress has been made in advancing fiscal and external adjustment and structural reforms [vale a pena ler:noticia A]. Decisive steps were taken to keep the program on track following recent setbacks and legal challenges. Nonetheless, there remain implementation risks and uncertainty surrounding macroeconomic prospects and market financing. Continued strong commitment to the program and political cohesion are therefore critical to strengthen the recovery and regain full market access.

“In light of still fragile debt prospects, tighter financing conditions, and a sizable adjustment ahead, it will be important to sustain the fiscal consolidation effort. Full implementation of the 2014 budget and the underpinning expenditure reforms is particularly critical. The government is committed to taking alternative measures should key planned reforms be ruled unconstitutional [vale a pena ler:Noticia A]. At the same time, further efforts are needed to address underlying weaknesses in public finances, including a large public sector with relatively high wages and pensions [vale a pena ler: Noticia A, noticia B]. The planned fiscal reforms aim to control expenditure and domestic arrears, restructure state-owned enterprises, and strengthen tax compliance.

“The authorities have a strong record in preserving financial stability, and banks’ liquidity and capital conditions remain adequate. Given the challenging economic environment, ongoing initiatives to improve supervision and monitor risks are welcome, including a further strengthening of banks’ quarterly stress tests. Channeling credit to viable firms is key to support the recovery and employment. In this context, there is a need to step up restructuring efforts to address the corporate debt overhang.

“Forceful implementation of the ambitious reform agenda is critical to boost competitiveness, jobs, and long-term growth. This includes further advances to address the remaining nominal rigidities and supply-side bottlenecks.

“In addition to strong program implementation, Portugal’s success continues to depend on external support and effective crisis management policies at the euro area level [vale a pena ler: noticia A, noticia B], including support by the Eurosystem to help address financial segmentation and restore an appropriate monetary policy transmission.”


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