Eurogroup, 05/05/2014, 5 May 2014

Portugal opts for a clean programme exit 

Eurogroup welcomed the Portuguese government's decision to exit its economic adjustment programme without any further support. 

Eurogroup supported Portugal's decision not to request any follow up programme.  This decision follows the successful conclusion of the Portuguese programme's final review mission by the Commission, the ECB and the IMF.  Ministers commended the Portuguese authorities for their successful implementation of the programme and the Portuguese people for their achievements under difficult circumstances. 

Eurogroup concluded the programme has created the right conditions for Portugal to return to sustainable growth and job creation.  The Portuguese economic recovery is strengthening.  Wide ranging structural reforms have made the economy more flexible and competitive. The fiscal adjustment has been considerable and investor confidence has returned. 

Eurogroup encouraged Portugal to press ahead with reforms aimed at further enhancing the economy's capacity to generate jobs and growth.  Portugal's commitment to maintaining a prudent fiscal policy was welcomed.

Renewed growth prospects for Greece

Eurogroup discussed positive developments in Greece. 

Fiscal performance has been strong and a primary surplus has been achieved in 2013. The return of Greece and of Greek banks to the international capital markets was seen as a sign of increasing market confidence.

The Greek authorities presented their long-term comprehensive strategy for growth.  This was welcomed by Eurogroup as a useful complement to the existing programme. Measures to improve Greece's debt sustainability will be considered during the next programme review.   

Eurogroup reviews draft budgets of Austria and Germany

Ministers considered the Commission's assessment of German and Austrian draft budgets.  They agreed with the assessment that Germany is fully compliant with the rules of the Stability and Growth Pact (SGP).

Eurogroup welcomed the correction of Austria's nominal deficit but shared the Commission's concern that Austria's draft budget could lead to its structural deficit deviating from the adjustment path agreed under the SGP. 

Eurogroup welcomed the commitment by the Austrian government to take additional measures to address this concern and invited the Commission to assess their adequacy.  Ministers called upon the Commission and the Austrian government to work together to swiftly conclude this assessment process.

• Photos and videos of the Eurogroup meeting, 5 May 2014