Mário Centeno
Governor of the Bank of Portugal Mário Centeno

Centeno admits Portugal will enter recession “but has never been better prepared” for a crisis

Finance minister Mário Centeno took advantage of the moment statistics institute INE registered Portugal’s first ‘budget surplus’ in the history of its young democracy to give a positive spin on the country’s situation of emergency lockdown.

Yes, we are likely to go into recession right now, but our financial position is such that we have “never been better prepared to face a crisis of this nature”.

Pounding the jungle drums of damage control, following seriously bad press overnight (click here), the finance minister who heads up the Eurogroup stressed that “Portugal has a solid base with which to return to (economic) activity”.

As he has intimated before, the State Budget for 2020 will come into effect from April 1 with “margins of accommodation” (meaning there is ‘flexibility’).

Wednesday began with dismal stories. It is closing with the feeling in the air that if we all knuckle down and keep this virus ‘at bay’ as the health authorities are exhorting, a sunshine summer could be just around the corner.

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