Portugal: Exiting the memorandum before the 5th of May

The Portuguese government is ready to announce the way in which the country will emerge from the support program, and that this will take place before the 5th of May, as announced by Portuguese PM Pedro Passos Coelho.

"We will talk about exiting the program when the report of the last assessment of the Troika is on the table", stated Coelho.

Lisbon has expressed its intent to request a "precautionary credit line" from its partners. It is not, yet, certain if they will choose that way out of the memorandum, or if it will finally decide to return to markets without this "safety net".

The heads of the troika in Lisbon, began their last assessment of the program on Tuesday, with which the release of the final 2.6 billion euro tranche will be concluded. Meanwhile, Portugal garnered 750 million today with the ten-year bond auction at a reduced rate (3.575%) during the first regular term bond auction after its financial rescue.