Portugal passes fourth IMF-EU bailout review
June 5 , 2012
Portugal has passed a fourth review of its ongoing spending cuts and economic reforms.
According to the country’s Finance Minister Vitor Gaspar, Portugal had met the criteria set by inspectors from the EU, European Central Bank and International Monetary Fund.
This clears the way for the government to receive another $5 billion worth of funds.
Portugal is to get $97.3 billion in total under the bailout, agreed in May last year.
Although the Portuguese government’s austerity measures seem to be paying off, they have sparked major protests.
Last month, it made the decision to cut four of its 14 public holidays.
The government has already cut public sector wages and raised taxes to reduce its budget deficit.