Despite the “good news” touted by politicians (see story HERE), the International Monetary Fund had some stern words for Portugal this week.
In its latest “Fiscal Monitor” report, the Troika partner said that while austerity would soften throughout the eurozone during 2014, adjustment for some countries, particularly Portugal and Ireland, would continue to be “significant”.
“Budgetary consolidation”, as IMF leader Christine Lagarde put it, has to continue in Portugal.
Experts using blunter language say this means “sacrifices will have to last decades” before debt levels are brought into line.
