01842cas a2200241 a 4500 AALejournalIMF017129 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475538403 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Portugal : Ex Post Evaluation of Exceptional Access Under the 2011 Extended Arrangement-Press Release; Staff Report; and Authorities Views. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (79 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses Portugal's Ex-post Evaluation of Exceptional Access Under the 2011 Extended Arrangement. Portugal faced a sudden stop in financing in 2011. The authorities' IMF-supported program aimed to address the problems that had made Portugal vulnerable to changes in market confidence. The evaluation concurs that the program's 'big decisions' were justified. The main lesson to be drawn from Portugal's experience is that adjustment in the context of currency union membership is difficult. Further work is needed to flesh out the measures required to support internal devaluation and private sector deleveraging. Options for union-level conditionality would benefit from clarification. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2016/302 Full text available on IMF http://elibrary.imf.org/view/journals/002/2016/302/002.2016.issue-302-en.xml IMF e-Library