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Goal is to transform Portugal's economy, says Sec. of State

Monday, October 15, 2012 - 04:37

Oct 15 - Carlos Moedas, Secretary of State to the Prime Minister of Portugal, says the current goal is to transform Portugal's economy to one centered around tradable goods.

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It is he gave for. Portugal on the budget front I'm here at the NYSE Euronext is that this secretary safer prime minister. Carlos might have very good here thank -- -- in New York from Portugal that's OK it is a big game reports brawl -- budget. Let me ask. Are you worried that point all of us that even partnered into recession. At that some of the target -- quiet in the budget went -- that. Absolutely and office we. Have been so far and you know we aren't an adjustment program. We had he believes he sees outside reviews of pet program. We now international partners in the problem is on track. And so every everything we have been doing is actually to be able. To transform our economy from an economy that was very centered on known tradable industries to an economy of tradable industries. And if you look at our program today and you look at what he's talking to -- current account. Our current account and five years ago was at around 10% per year. Basically supports these external -- was -- get 10% of GDP in the year. Today that same number he's minus two point 6%. Of GDP. So we have been able scene is fairly quick. Time to actually attack the main problem of the Portuguese economy rituals that dependence -- external financing. And if you look at that forests forecasts that the guy and that's the European commission on our current account adjustments. They would indicate forward easier minus six point seven so we were able actually to -- much quicker. So you cannot look -- look at them and adjustment program supports -- one or on the program just one variable. You have to look into the problem as a whole and if you look at the problem as a whole we are totally tracked. Change isn't paying college together and them. Demonstration. Middle class people see their taxes rise back finance ministers and it's enormous and treatment nationwide strike is planned next month. About some of these social unrest escalated. Look I'm. Personal lives in advance. I'm very proud of the Portuguese people. I think that we have been some sacrifices. People understand the sacrifices. They understand that the polices of the mosque. -- spending money. Never brought to any growth of course so good news events that cost of actually. Doing the structural reforms. Getting our public finances in order are extremely important. And once I see from the course these people is that they do understand but of course is and any other country people. I'm not happy some people are not happy because there is a deep -- across the journey of an adjustment programs these people. It's a lot of sacrifices for our families from my family for the family of all the Portuguese people. And I have a lot of respect I I I knowingly do acknowledge that people would come to the streets. But they have done needs you know it's very unique in civilized way and I just can say that I'm prospect. But. Certain people understand that we can meet for a reason. We do it because he's he's a once in their lifetime opportunity. To structurally change becomes. Right now there are forecast the economy. 1% next year when what's -- And that -- stuff. If you look at the in my room numbers for next year. And as a whole -- -- -- you know be recession 1% minus 1%. You we'll see that on the second quarter of next year you'll see. Gross on what to -- corporate level coming bank. And that's the point I think that's the point is that we have done their homework. And homework sooner or later will pay off. And you'll see -- on the debt markets and I think you'll have the opportunity to haven't you read him the right person to tell me about eight bucks. Mean a very quick and name. Very. I would say appropriately. We have been testing the markets in the results as being. Theory is proportional and we do believe that mean we'll get there and there. Thank you so much thank you so much I --

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Goal is to transform Portugal's economy, says Sec. of State

Monday, October 15, 2012 - 04:37