Portugal's efforts at economic reforms enjoy the backing of a "substantial consensus" of the population and government, despite the resulting volatility, the country's economy minister said Thursday.
"The balance between austerity and growth is always a delicate balance and nobody has a magic bullet for this ... In spite of all the volatility, we know that we need to stay the course," Economy Minister Alvaro Santos Pereira told CNBC in an interview. There is a "substantial consensus in Portugal" that enacted reforms are the only way to overcome the country's problems, he said, citing a recent poll showing more than 65% of the population believes austerity is needed.
"So the people believe there is no other option."
Pereira also said there is no need to consider abandoning the euro.
"Why should we get out of the euro? It doesn't make sense at all. For us, it's out of the question to get out of the euro."
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