Arab Today, arab today portugal keeps investment grade rating and access to eu help
Last Updated : GMT 10:13:54
Arab Today, arab today
Arab Today, arab today

EU help

Portugal keeps investment grade rating and access to EU help

Arab Today, arab today

Arab Today, arab today Portugal keeps investment grade rating and access to EU help

A customer passes under a Portuguese flag
Lisbon -Arab Today

Portugal kept its much-needed access to EU financial help Friday after an European Central Bank-approved credit agency maintained its rating of Portuguese debt at investment grade level.

Toronto-based DBRS announced it had kept Portugal's rating at "BBB" level, with a "stable" perspective.

"The rating reflects Portugal's eurozone membership, favourable public debt maturity structure, and reduced vulnerabilities, following a substantial correction of the current account deficit over the past few years," it said in a statement.

DBRS's decision was much anticipated as it is the only one of the four agencies accepted by the ECB to have maintained Portugal's rating in an investment grade category despite the country being hit hard by a debt crisis.

If the agency had downgraded its rating, the ECB would no longer have been allowed under its rules to purchase Portugese government bonds under its quantitative easing programme.

The ECB purchases of the bonds on the secondary markets help keep the interest rates down and ensures a market for new issues by governments, ensuring a key source of financing for governments remains open and affordable.

However, DBRS warned that "Portugal faces significant challenges, including elevated levels of public sector debt, ongoing fiscal pressures, low potential growth, and high corporate sector indebtedness," it warned.

Portugal received a massive international debt bailout in 2011 that saved it from defaulting when it could no longer issue debt at affordable rates, but in return the country had to introduce a string of austerity measures.

In four years, over 78,000 public sector jobs were cut -- more than 10 percent of the total -- alongside other steps the creditors said were needed to return the public finances to balance and put the economy back on track.

Portugal's public debt, though, is still forecast to hit 130 percent of GDP.

A left-wing government came to power last year, and in February lawmakers approved a 2016 budget that pledges to reverse unpopular austerity measures but is seen as high-risk by critics and investors, with Lisbon under EU pressure to stay on a disciplined path.

The budget restores civil servants' salaries and breathes new life into the welfare system.

However, in a bid to appease Brussels' demands, the government also announced a hike in taxes on fuel, vehicles and tobacco.

Source :AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portugal keeps investment grade rating and access to eu help Arab Today, arab today portugal keeps investment grade rating and access to eu help

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday