I take note of the Portuguese Constitutional Court's ruling on the proposed convergence of the public sector pension system towards the general system.
I welcome the re-affirmed commitment of the authorities to propose swiftly alternative measures of equivalent size and quality to safeguard the 2014 budget deficit target of 4 per cent GDP, in line with the agreements between the authorities and the Troika institutions reached in the ongoing tenth programme review.
The Portuguese adjustment programme has been successful in improving competitiveness and rebalancing the economy to more export-led growth. The effort is starting to pay off with signs of a tentative economic recovery.
The reform effort must be sustained. An ambitious and credible fiscal consolidation strategy as well as the rigorous implementation of structural reforms will be crucial to ensure investors' confidence in the government's policies, with a view to a successful conclusion of the adjustment programme."
Press release
© European Council
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