- The strict implementation of the economic and financial programme is desirable and inevitable
- Economic activity accelerated temporarily in 2010 - partly influenced by non-sustainable factors on the domestic demand side - but the labour market conditions continued to deteriorate
- In 2010 a significant adjustment of the imbalances of the Portuguese economy was again postponed
- [I]nsufficient consolidation of public finances
- [I]nsufficient adjustment of the external deficit
- The Portuguese economy continued to be characterized by a significant number of structural fragilities
- The important challenge of achieving a deleveraging of the banking sector and hence of the non-financial private sector
- The economic and financial adjustment Programme represents a demanding but reasoned opportunity to lay the foundations of sustained economic growth in the medium term
Monday 23 May 2011
Headlines from the annual report of the Bank of Portugal
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