The Portuguese President of the European Commission said today that the 'clean exit' from Portugal's adjustment programme is a success for the country and for Europe, and praised the determination of the Portuguese people.
"With a 'clean exit' Portugal will now stand on its own. This is not just a success for Portugal, but a success for Europe," Barroso said in a statement issued after he met with the eurozone leaders Herman Van Rompuy and Mario Draghi, and Jeroen Dijsselbloem from the Eurogroup, on the day that Portugal’s Finance Minister Maria Luís Albuquerque formally announced to her eurozone partners the 'claen exit' decision taken yesterday by the Government.
Pointing out that "on the 17th of May, Portugal will exit the economic and financial adjustment programme initiated in 2011 with support from the European Union and the International Monetary Fund " and that "it will do this without asking their international partners for a cautionary line of credit."
Barroso considered that this "has been made possible through the strict application of the austerity programme in the last three years which has produced impressive results."
"The most serious economic imbalances that led to the crisis have been or are being corrected. Foundations for sustainable growth were established. Investor confidence returned. I am pleased to hear the Portuguese Prime Minister say that the country will continue on its way to sound public finances, financial stability and competitiveness," said Barroso.
Recognising that "it was not a pain-free process, far from it," the President of the European Commission argued that "this was inevitable" and praised "the Portuguese people for the significant efforts and sacrifices made to build a better future."
"Their determination deserves our full respect," said Barroso, adding that "the successful completion of this programme shows the immense capabilities of Portugal and the Portuguese to emerge stronger from the crisis. Since Portugal joined the European Union in 1986, the European Commission has been a loyal, dedicated and constructive partner."
