Portugal PM: No need for new aid after bailout

AP News
Posted: May 04, 2014 5:16 PM
Portugal PM: No need for new aid after bailout

LISBON, Portugal (AP) — Prime Minister Pedro Passos Coelho says Portugal will not seek a protective line of credit after his government fulfils requirements imposed by foreign bailout creditors as part of a 78 billion-euro ($107 billion) rescue package.

Portugal's government is due to regain financial sovereignty over the economy on May 17, after three years of being told what to do by the International Monetary Fund, European Commission and European Central Bank under a financial rescue.

The 2011 rescue prevented national bankruptcy, but Portugal had to accept steep tax increases, an end to long-standing labor entitlements, and deep cuts in pay, pensions and welfare rights.

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Passos Coelho said Sunday the Cabinet decided it will not seek extra financial help because it could now seek loans in international markets "without constraints."