As the final Troika representative Albert Jaeger leaves Portugal, quietly closing the door behind him, his parting comments addressed the failure of the bailout process to reduce the country’s debt, mainly because much of it was skillfully hidden and only came to light after the money had been advanced.
Jaeger, adopting the eurospeak beloved of his cadre, said rather delicately that there had been a ‘weaker adjustment than expected’ and that he was disappointed at Portugal’s economic growth.
In an exit interview with Diário Económico published today, the last official representative of the Troika rescue mission admitted that not everything had gone as expected in the bailout programme.
"The private and public sector debt levels have only been stabilised, not reduced significantly, and growth has fallen short," said Albert Jaeger, blaming some rather unpleasant surprises found in the State accounts,
“Too much debt that had been hidden, appeared. It was something that had not been anticipated."
September 1st is the official departure date for this last member of the Troika, much to the government's relief, but the trio of Portugal’s major lenders will be ‘keeping an eye on the accounts.’
