French President recognises Portugal’s compliance efforts

Portugal’s Prime Minister made an official visit to France last week, meeting with his counterpart Jean-Marc Ayrault and the French President of the Republic François Hollande (pictured).

At a press conference after the meeting, Passos Coelho announced that the Portuguese government was planning a return to the markets this year, adding that “disbursements by the Troika should be over very soon”.

There is no need therefore to “further develop the strategy of the return to the markets already initiated” without confirming deadlines or values for the government bonds.

Passos also commented on Eurogroup President Jean Claude Juncker’s statements (see last week’s Algarve Resident) about compensating countries under bailout programmes.

“As countries show merit on how they comply with (bailout programme) requirements, they should be supported on their intention of returning to the markets,” he said. “This has already started with Ireland and it will happen now in Portugal. Very soon we will announce the necessary measures to materialise our return to the markets.”

President Hollande recognised “the difficult task” Portugal was enduring, but said the efforts were starting to bear fruit. He concluded: “I trust in the return of Portugal to the markets.”