Portugal to be monitored until 2045

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Lisbon - Portugal will remain under fiscal surveillance for up to 30 years despite exiting its international bailout programme last month and sticking to the European Union's austerity demands to beat the eurozone crisis.

The European Financial Stability Mechanism (EFSF), which was responsible for Portugal's bailout in 2011, will continue to monitor the country's financial situation until Lisbon has repaid its bailout loans in full, Spanish newspaper Publico reported Tuesday.

This is not expected to happen before 2045. The European Commission and the International Monetary Fund (IMF) will be monitoring Portugal's finances until 2037 and 2021 respectively. These measures have been put in place so that any economic risks can be detected early.

The 78-billion-euro rescue programme assembled by the EU and the IMF in 2011 for the nearly bankrupt country was formally concluded in May. Portugal's budget is in much better shape and its borrowing costs are at an eight-year low.

Sapa-dpa


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