Friday, 04 May 2012 18:21
LISBON: Portugal is already implementing structural reforms consistent with the European Central Bank chief's recommendations for a "growth compact", Prime Minister Pedro Passos Coelho said on Friday, brushing off suggestions that austerity should be tempered.
Portugal has been lauded by its European Union and IMF lenders for closely following the austerity and reform recipe of its 78-billion euro bailout pact, although most investors expect the country to require more financial assistance before it can finance itself in the bond markets again.
The centre-right government has said it will stick to the bailout formula, which its says will eventually drag the country out of its deep recession.
"Politicians in Europe are now talking about the need to promote more intense growth, but not all models are valid," Passos Coelho told a meeting of entrepreneurs.
Instead, he lauded a proposal by European Central Bank President Mario Draghi, who on Thursday urged euro zone states to agree ...