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The following article was published in our article directory on December 13, 2010.
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Portugal Do Not Need to Provide Assistance to the International Monetary Fund

Article Category: Business

Author Name: Amanda xzh

Portugal do not need International Monetary Fund (IMF) for assistance. Portugal IMF intervention will not bring much help, but will affect the international image of Portugal, the Portuguese in 2011 will implement the tight fiscal budget. He believed that with the Portuguese government's ongoing efforts to reduce the public deficit, the market will gradually restore confidence in the economy of Portugal.

Portuguese President Silva said not long ago, Portugal and Greece, Ireland is different from the system Meiyou crisis Bank of Portugal, there is no real estate bubble, public debt in EU countries at the intermediate level, so, at the present to the outside world for assistance.

Budget is "only" problem

"Our only problem is the need to amend the Budget, in fact, other countries also have amended the Budget Problem"

In Ireland to accept the assistance of the EU and the IMF, the market's attention is currently concentrated on the debt problems of Portugal, that Portugal is most likely due to the collapse of state financial assistance to the EU and IMF country. Although the Portuguese Parliament passed Riqian submitted by the Government Budget for 2011, but in the secondary market, Portugal bonds expected rate of return remained at a high of 6%. Socrates expressed the hope that the market economy and Portugal can give objective analysis of the debt situation. He believes that Portugal is currently the only problem facing the budget, "Our problem is simply necessary to amend the Budget, in fact, other countries also have amendments to the budget problem."

Socrates said, according to the Portuguese government's plan to end of the year, Portugal's budget deficit share of GDP from 9.3% last year to 7.3% in 2011 to 4.6%. By then, Portugal, the European Union deficit will be lower in the world.

Enhance competitiveness of infrastructure

Focus on building connections Madrid and Lisbon's new airport as well as a high-speed railway

At present, the Portuguese Government is actively taking various measures to ease market concerns. In addition to recently adopted by the reduction of civil service salaries, freeze pensions and tax increases, etc., growth of large-scale retrenchment policy, the Portuguese Government is also actively seeking other assistance. Portugal dos Santos Minister of Finance before a visit to Brazil, he said after meeting with finance ministers of Brazil, the Brazilian government bonds may be the way through the purchase of Portugal to provide financial assistance to Portugal.

In addition, although the Portuguese Government stressed the need to "tighten their belts to live," but for some help to Portugal's economic growth continues to spare no effort launched large-scale projects. Socrates said in an interview, need to strengthen infrastructure construction to boost Portugal's economic competitiveness, in particular, focus on building connections to the Spanish capital Madrid and Lisbon's new airport as well as a high-speed railway. At present, the Portuguese government has reached an agreement with the main opposition Social Democratic Party, will be related infrastructure building program budget to conduct further study.

Cited concern about the shortage of liquidity

Debt financing through the European central bank is not a long-term solution, which may affect the Portuguese financial system against risks

Portuguese public opinion is far from concerned about the liquidity of the banking industry is facing shortages. U.S. credit rating agency Moody's said Dec. 10, in the Portuguese investigation of some banks, credit rating may be lowered, one of the reasons is its reliance on the ECB's lending too high. Portuguese central bank recently issued a "Financial Stability Report" that the Portuguese financial system itself does not exist profitability and solvency problems. The main problem is that the Portuguese government bonds because the expected rate of return a liter up again and the Portuguese economy's structural imbalances exist, resulting in the Portuguese banking sector through normal commercial channels is difficult to obtain financing. It is for this problem exists, the Portuguese financial system had to rely on the European Central Bank's lending for a long time to achieve financing.

August of this year, Portugal was once the financial system loans of up to 49.12 billion euros the amount, then the trend has eased. Analysis of local media that the financing by the European Central Bank not to borrow long-term plan, which the Portuguese financial system may affect the ability to withstand risks. Portugal is currently the central bank has taken note of this issue and have asked to take measures to deal with the Portuguese banking sector. But analysts here pointed out that the solution-maker who, Portuguese financial system in order to restore market confidence, is still counting on the overall economic situation in Portugal, the restoration and improvement.

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