Portugal wants cheap EU loans to boost post-bailout reforms

Support from a Europe-wide cheap loans scheme that is still on the drawing board offers Portugal a fighting chance of exiting its international bailout successfully, the country’s deputy minister for Europe said on Monday. Portugal needs to press ahead quickly with another round of painful economic reforms after its international bailout ends in mid-2014, Bruno Macaes told Reuters in an interview. “(Portugal’s) structural reforms must be quicker, more incisive, not taking so long as they have so that their effects are felt more quickly,” Macaes said. Under these arrangements, legally binding contracts with economic reform targets and milestones, member states would be assigned funds via grants or cheap loans.

    

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