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Statement by the EC, ECB, and IMF on the Fourth Review Mission to Portugal

Statement by the EC, ECB, and IMF on the Fourth Review Mission to Portugal

Key points: The program remains on track amidst continued challenges. Growth in 2012 may hold up better than expected. The ambitious 2012 fiscal deficit target remains within reach. Protecting the banking system and ensuring orderly deleveraging remain among the program priorities. Progress is being made on reforms to raise long-term growth. The surge in unemployment requires decisive policy action. Overall, this review confirms that the program is making good progress amid continued strong external support.