Portugal to Join Ireland With Early Repayment of IMF Loans
This article is for subscribers only.
Portugal will follow Ireland with an early repayment of bailout loans from the International Monetary Fund after borrowing costs fell and it sold 30-year bonds last week.
After being rescued by the European Union and the IMF in 2011, the country exited the aid plan in May without the safety net of a precautionary credit line, a step also taken by Ireland. Irish Finance Minister Michael Noonan secured a provisional accord from EU counterparts in September to repay most of Ireland’s 22.5 billion euros ($26.1 billion) of IMF loans early, pending consent from individual nations.