Troika Says Portugal’s Economic Program on Track

Portugal’s economic recovery program is “broadly on track, despite stronger headwinds” to growth, the International Monetary Fund, the European Central Bank and the European Union said today in a joint statement.

The nation’s economy is expected to contract 1 percent next year and then expand by 0.8 percent in 2014, the three organizations, often referred to as the “troika,” said after a week-long review of the program.

The troika also said that Portugal “should gradually return to positive quarterly growth rates” next year.

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