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Economy and Finance

Financial assistance to Portugal

Information on Portugal's economic adjustment programme, post-programme surveillance and an overview of disbursements.

Post-Programme surveillance

In June 2014, Portugal exited its 3 year economic adjustment programme which included the implementation of an ambitious reform agenda and contributed to regaining economic growth and restoring investor confidence.

Portugal is now under post-programme surveillance (PPS) until at least 75% of the financial assistance received has been repaid. PPS is expected to last until 2035. The objective of PPS is to measure Portugal's capacity to repay its outstanding loans to the European financial stability mechanism (EFSM) and European financial stability facility (EFSF).

Under PPS, the European Commission and the European Central Bank (ECB), will launch regular review missions to Portugal to analyse economic, fiscal and financial developments, and report semi-annual assessments which may recommend further measures when necessary.

Overview of disbursements

 The Portuguese government decided to end the programme without disbursement of the full amount of the assistance (in the end €24.3 billion of €26 billion was requested). This decision was publicly announced by the government on 12 June 2014. The concluding EFSM disbursement took place on 12 November 2014.

Overview of EFSM loan disbursements to Portugal



Raised on

Disbursed on

€ 0.4 billion

15 yr

5 Nov 2014

12 Nov 2014

€ 1.8 billion

10 yr

18 Mar 2014

25 Mar 2014

€ 2.0 billion

15 yr

23 Oct 2012

30 Oct 2012

€ 2.7 billion

10 yr

26 Apr 2012

04 May 2012

€ 1.8 billion

26 yr

17 Mar 2012

24 Apr 2012

€ 1.5 billion

30 yr

09 Jan 2012

16 Jan 2012

€ 0.6 billion

7 yr

29 Sept 2011

06 Oct 2011

€ 2.0 billion

15 yr

22 Sept 2011

29 Sept 2011

€ 5.0 billion

10 yr

14 Sept 2011

21 Sept 2011

€ 1.0 billion

25 yr*

25 May 2011

01 June 2011

€ 2.25 billion

20 yr*

25 May 2011

01 June 2011

€ 1.5 billion

12 yr*

25 May 2011

01 June 2011

€ 1.75 billion

10 yr

24 May 2011

31 May 2011

* The original maturity of 5 years of the EFSM loan of €4.75billion raised on 25 May 2011 and disbursed on 1 June 2011 to Portugal was extended in three tranches, in line with Council Implementing Decision 2013/323/EU.

Complementary disbursements were made by the EFSF and the IMF.

Programme for Portugal

In 7 April 2011, Portugal requested financial assistance from the EU, euro area countries and the IMF. An economic adjustment programme was negotiated in May 2011 between the Portuguese authorities and officials from the European Commission, ECB and the IMF.

The agreement on the programme was formally adopted on 17 May 2011 at the Eurogroup/ECOFIN meeting in Brussels. The memorandum of understanding and the loan agreement were signed afterwards. It covered the period 2011 to mid-2014 and included a joint financing package of €78 billion, €26 billion of which was provided by the EU/EFSM, €26 billion by the EFSF and about €26 billion provided by the IMF.

The programme contained reforms to promote growth and jobs, fiscal measures to reduce the public debt and deficit, and measures to ensure the stability of the country’s financial sector.

Portugal Programme Assessment 15 May 2014


The aid was provided on the basis of a three-year policy programme for the period 2011 to mid-2014.
The economic adjustment programme included:

  • structural reforms to boost potential growth, create jobs, and improve competitiveness
  • a fiscal consolidation strategy, supported by structural fiscal measures and better fiscal control over public-private-partnerships and state-owned enterprises, aimed at putting the gross public debt-to-GDP ratio on a firm downward path in the medium term and reducing the deficit below 3 % of GDP by 2014
  • a financial sector strategy based on recapitalisation and deleveraging, with efforts to safeguard the financial sector against disorderly deleveraging through market based mechanisms supported by backstop facilities.

Financial package

The total of up to €78 billion of the financial package was financed as follows:

  • EFSM (€24.3 billion disbursed by the end of 2014)
  • EFSF (€26 billion disbursed by the end of 2014)
  • IMF (€26.5 billion disbursed by the end of 2014)

Programme disbursements were made over three years, under EFSM with an average maximum maturity of 19.5 years. IMF disbursements were subject to the special drawing rights (SDR) rate developments.

Key documents