The Troika will be back in Portugal in October to review the 2015 State Budget.
This is the first time funding team will have visited Lisbon since they left at the end of the bailout programme, this time it is for a spot of ‘post-adjustment programme monitoring.’
Experts from the European Commission, European Central Bank and International Monetary Fund will carry out the first post-mission analysis of Portugal’s financial performance before looking over the proposed 2015 Budget.
When the detail has been discussed with the Government the Troika is planning to feedback to Brussels, Frankfurt and Washington in what many predict will be a politically tailored report in the face of Portugal’s underlying problems exacerbated by rising debt, the Espírito Santo debacle, the Bank of Portugal’s now proven inability to regulate, the market regulator’s ineptitude in stamping out insider trading, and an ever rising tax burden from those still with an income and the inability of the government to get cuts and taxes past the Constitutional Court.
This post-programme monitoring is something that is planned to happen every six months in all those countries that received financial help.