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Portugal to exit rescue program without insurance of credit line

  • Portugal plans to exit its international bailout program without taking a precautionary credit line from its lenders, the EU and the IMF. The move, which follows a similar step by Ireland, will cut the oversight that Portugal has had to endure.
  • Instead, Portugal will rely on international debt markets for financing after it receives the final tranche of its €78B ($108B) rescue package in June. Ten-year yields are flat at 3.63% vs over 18% in January 2012.
  • While the exit from the assistance program after three years marks a turnaround in Portugal's fortunes, economic growth remains fragile, and unemployment and debt high.
  • The PSI 20 is -0.1%.
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