Portugal passes bailout test, gets further funding of $9.3 billion
LISBON, Portugal (AP) - Portuguese officials say the country has passed its latest bailout test and qualified for around 5.5 billion euros (S$9.3 billion) in further funding from creditors.
Deputy Prime Minister Paulo Portas said on Thursday that bailout inspectors concluded the government is complying with the demands of Portugal's financial rescue agreement.
Portugal needed a 78 billion euro bailout in 2011 when it was engulfed by the euro zone debt crisis. In return, Portugal promised spending cuts and economic reforms, and quarterly disbursements are conditional on its compliance.
The country is stuck in recession, however, with the jobless rate at 16.5 per cent.