Portugal leaves the bailout. Madeira keeps paying
By Paulo Áureo
On 17 May 2014 Portugal’s three-year programme with the troika came to an end, and the country chose a “clean exit”, without a precautionary credit line. On the mainland the newspapers talked about turning a page.
On the island the page was longer. Madeira’s own loan of €1.5 billion from the State, signed in 2012, was not part of that exit and has its own calendar: the last repayment is due in 2044. Austerity did not end with a press conference in Lisbon, and most families here could tell you which tax went up and when.
Still, the mood changed a little in 2014. Hotels filled up again, and by the end of the year overnight stays were up by 5%.
Sources: Portugal Resident, 17 May: end of Portugal’s adjustment programme, Portuguese Government, interest on the State loan to Madeira