Portuguese president calls for public confidence in country's future

Portuguese President Anibal Cavaco Silva on Wednesday called on his people to have adequate reasons to be confident with the country's future though it has a long way to go for the economy to return to the pre-recession level.

Speaking at the ceremony marking the Day of Portugal in Lamego city, about 350 km north of capital Lisbon, Cavaco Silva spoke highly of the efforts made by the current government in tackling the worst economic recession in the past few decades and meeting the deficit reduction targets under a 78-billion-euro bailout program Portugal signed in 2011 with the troika of the international lenders -- the European Commission, International Monetary Fund and European Central Bank.

He said that Portugal's economy has shown positive signs and the unemployment rate has dropped considerably while the interest rates for bonds have also slumped which made Portugal a highly competitive country for foreign investors.

He also stressed that it is only possible for Portugal to enhance its economic competitiveness and job creation under a stable economic and political situation.

Portugal's next presidential election is scheduled for January next year.

The Portuguese government, which faces general elections in September or October, has been under criticism by opposition parties as it has been imposing heavy cuts in spending and tax hikes throughout the recession. Although the economy is nursing back to health the country still has one of the highest public debts in the eurozone.

The Day of Portugal, a public holiday that falls on June 10, commemorates the death of national literary icon Luis Vaz de Camoes. Enditem