BIS central bankers’ speeches  3  The financial assistance programme and the policies implemented are in line with the conclusion that Portuguese debt is sustainable. The question is more whether the country can increase its growth performance in a structural way. If growth is weaker, it becomes more difficult.
The rules of the fiscal compact, namely the debt reduction rule, imply primary surpluses of 3% to 4% of GDP every year for decades in Portugal and other economies. Few countries have achieved this for more than a few years. People are asking whether it is feasible. It is feasible.