LISBON: Portugal’s finance minister, Mário Centeno, said in an interview with US TV station CNBC, that Portugal would do everything necessary to avoid a second bailout. “This is my main task, our commitment in terms of the budget and a cut in public spending is going exactly in this direction”, he said.
Portugal was bailed-out in 2011 to the sum of €78 billion by the Troika in a process that involved various cuts in spending and pensions, but which allowed the country to leave the bailout agreement three years later, in 2014.
Centeno said it was only “partially true” that the Portuguese government was focussed more on consumption, stressing that the “main focus” is on recovering incomes, particularly for families. The interview also covered the recapitalisation of Caixa Geral de Depósitos, with Mário Centeno underscoring the importance of a “very ambitious business plan” and a “very professional team”.
