Portugal will not seek a protective line of credit after its government fulfils requirements imposed by foreign bailout creditors as part of a 78 billion euro ($107 billion) rescue package, its prime minister said Sunday.
Pedro Passos Coelho’s government is due to regain financial sovereignty over the economy on May 17, after three years of being told what to do by the International Monetary Fund, European Commission and European Central Bank under a financial rescue.
“It is the right choice at the right time,” Passos Coelho said, adding that the Cabinet had taken the decision “after careful consideration and reviewing all the pros and cons.” A protective line of credit would have acted as a safety net for the economy, but would have come with strings attached.
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