May 30, 2013 / 12:47 PM / 4 years ago

Banker warns against relaxing Portugal austerity

LISBON (Reuters) - Bailed-out Portugal has to continue its fiscal and economic adjustment program and should not relax austerity efforts too fast, the head of the country’s largest-listed bank Millennium BCP (BCP.LS), Nuno Amado, said on Thursday.

“I‘m a bit afraid that too much easing (of austerity policies), going a bit backwards may just imply more effort later on... It is essential to have more economic activity, but without relaxing the austerity too much,” he told a conference hosted by Reuters and TSF radio.

At the same event, his counterpart from Banco BPI (BBPI.LS), Fernando Ulrich, said he did not expect Portugal to need another bailout after it exits the present program in mid-2014.

Reporting By Andrei Khalip

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