- Infowars - http://www.infowars.com -

IMF Board Approves $36.8 Billion Loan to Portugal

Posted By aaron On May 21, 2011 @ 4:20 pm In Economic Crisis,Old Infowars Posts Style | Comments Disabled

Sandrine Rastello
Bloomberg
May 21, 2011

The International Monetary Fund approved a 26 billion-euro ($36.8 billion) loan to Portugal as part of a joint bailout with the European Union in the latest effort to stem the region’s sovereign debt crisis.

The Washington-based institution will make 6.1 billion euros available immediately, the fund said in an e-mailed statement today. The IMF followed European officials, who on May 16 endorsed the 78-billion ($110 billion) joint package.

“The Portuguese authorities have put forward a program that is economically well-balanced and has growth and job creation at its center,” Acting Managing Director John Lipsky said in the e-mailed statement today. “It addresses the fundamental problem in Portugal – low growth – with a policy mix based on restoring competitiveness through structural reforms, ensuring a balanced fiscal consolidation path, and stabilizing the financial sector.”

Full article here

{openx:49}


Article printed from Infowars: http://www.infowars.com

URL to article: http://www.infowars.com/imf-board-approves-36-8-billion-loan-to-portugal/

Copyright © 2013 Infowars. All rights reserved.