Portugal's PM assures second bailout unnecessary

FXstreet.com (Barcelona) - Speaking before the parliament today on the Portuguese bailout program PM Pedro Passos Coelho said that the country was moving further out of recession, with positive growth expected also in the third quarter of the year.

He suggested that recent improvements in the labor market reinforce the belief that Portugal won't require further rescue funds. “Avoiding a second bailout means fulfilling what has been agreed under this program and that's what the government is doing,” he said.

The Portuguese bailout program runs out in mid-2014. This week the country passed the latest Troika bailout review but the international lenders refused to relax its fiscal targets.