Portugal ends bailout without precautionary credit line

Lisbon, May 5 (IANS) Portuguese Prime Minister Pedro Passos Coelho announced here Sunday that the debt-laden country sees an end to the bailout programme with the international lenders, without applying for a precautionary credit line and restoring complete sovereignty over financing in the world market.

In a televised nationwide speech, Passos Coelho said in the Prime Minister's Office immediately after an extraordinary ministers meeting that the Portuguese government has made the decision after a careful weighing on the pros and cons and this is a right choice at an appropriate time to more effectively defend the interests of Portugal and the Portguese, Xinhua reported.

"It's the right choice," Passos Coelho said.

"It defends most efficiently Portugal's interests and those of the Portuguese. We were able to choose this option because the programme is on the right track for its term and put Portugal on the way to financial stability and competitiveness," he said.

He added that this was the "right decision", but pointed out that there was a "long road ahead."

"We will not be autonomous from one day to the next," Passos Coelho said.