Monday 23 May 2011

Headlines from the annual report of the Bank of Portugal

  • 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
Here's the link.

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