Portugal ends bailout constraints; pain won't end

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http://hosted.ap.org/dynamic/stories/E/EU_PORTUGAL_END_OF_A_BAILOUT?SITE=VANOV&SECTION=BUSINESS&TEMPLATE=DEFAULT

Portugal ends bailout constraints; pain won't end
May 17, 10:09 AM EDT

LISBON, Portugal (AP) -- Portugal is emerging from the painful economic constraints imposed by a three-year bailout that saved the country from collapse, but EU officials are warning that tough controls must continue to create stable employment.

With the government taking control of its finances once again, Portugal on Saturday became the second eurozone country after Ireland to free itself from the austerity and oversight imposed by its European partners and the International Monetary Fund as part of the 78-billion-euro ($107 billion) bailout.

But European Commission Vice President Siim Kallas in Brussels it was essential to keep an "unwavering commitment to sound budgetary policies and growth-enhancing reforms."

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As with Greece and Ireland, Portugal's rescue came at a price of cutting spending sharply and implementing unpopular measures that stripped away cherished welfare and labor entitlements.