Finance minister news conference; troika meeting, 1. Vitor Gaspar, Portuguese Finance Minister, arriving at news conference
2. Wide of podium
3. SOUNDBITE: (Portuguese) Vitor Gaspar, Portuguese Finance Minister:
“This evaluation was made by a mission from the European Commission, the European Central Bank, and the International Monetary Fund. The evaluation involved the three bases of the adjustment programme: the evolution of the public finances, the stability of the finance system, and the goals achieved in the agenda of structural transformation. Due to the success of the evaluation the next batch of the bailout programme will be received, which is 8 billion euros.”
4. Close of photographer
5. Wide of news conference
6. Mid of reporters
7. SOUNDBITE: (Portuguese) Vitor Gaspar, Portuguese Finance Minister:
“In 2012 the economy will achieve its lowest level, with a loss between 2011-2012 of more than four per cent. During these two years the unemployment rate will increase to very high levels.”
8. Tilt up journalists
9. Mid of Troika representatives arriving at news conference
10. Wide photographers around Troika representatives
11. Mid of news conference
12. Close up of cameraman
13. SOUNDBITE: (English) Jurgen Kroger, EU Commission representative:
“All and all, we are very satisfied with the second review, in particular as regards the commitment of the government to implement the programme. We also note that the opposition party agrees to the basic objective of the programme and this is very vital for the acceptance of the programme in the society.”
14. Mid of journalists listening
15. SOUNDBITE: (English) Rasmus Ruffer, representative of the European Central Bank:
“When you look at the economy there is over-indebtedness not only in the public sector but also in the private sector, including non-financial corporations and households. So to the extent that this build up of indebtedness was channelled by the banking system, also the unwinding of this indebtedness, of course, will be reflected in the balance sheets of the banks.”
16. Tilt up from journalists to Troika representatives
17. SOUNDBITE: (English) Rasmus Ruffer, representative of the European Central Bank:
“The Portuguese authorities and above all also the Banco de Portugal are making good progress with respect to the implementation of this financial sector pillar of the programme. With this strategy Portuguese banks should be able to adjust to the changed economic realities, be protected against unforeseen shocks and continue at the same time to be able to provide credit to the economy and the most productive sectors thereof.”
18. Various of Troika representatives leaving news conference
International lenders said on Wednesday that they have approved the next batch of bailout funds for Portugal after determining the country is making progress on cutting its heavy debt load and improving its economic competitiveness.
Inspectors from the International Monetary Fund and Portugal’s European partners said they would release a further eight (b) billion euros (11 billion dollars) of the 78 (b) billion euro (105 billion dollar) rescue package they awarded the country earlier this year.
One of the eurozone’s frailest members, Portugal must abide by a three-year programme of austerity measures and economic changes in order to qualify for the aid which is released in batches.
“We are very satisfied with the second review, in particular as regards the commitment of the government to implement the programme,” Jurgen Kroger, the European Commission representative said, who along with the International Monetary Fund and European Central Bank make up the Troika.
Portugals’s finance minister warned however that the economy would get worse before getting better.
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