Reuters: Portugal must avoid 'accidents' to exit bailout

10 July 2013

Bank of Portugal Governor Carlos Costa said that Portugal must avoid "accidents" like its recent political crisis if it is to exit its international bailout next year as planned.

"Any accident, and we had a proof of this last week, causes hyper-reactions in the markets. We must have a totally credible behaviour as we exit the programme", Costa, a member of the European Central Bank's Governing Council, said.

Costa said Portugal must remain committed to hitting budget goals set out in the programme: "The next nine months of the Portuguese economy are critical for the next phase. We will need to assure and confirm the credibility of our commitments and of the evolution of our economy and budget situation."

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