Portugal gets IMF approval for 1.48 billion

The IMF has reviewed Portugal's efforts to control its deficit and has authorized the next tranche of the 78 billion bailout to be paid.

“There remain significant headwinds to growth from the high degree of private and public sector indebtedness as well as the adverse external environment. Comprehensive policy action on the European level would contribute significantly to the chances of success of the programme.”

Portugal is seen as an example for other troubled countries to follow as it has managed to reduce its deficit from 9% to almost 2.5% of its GDP.

via The Guardian