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"IMF anticipates austerity effects and predicts recession and unemployment record for 2012", Público headlines as experts from the European Commission and the IMF - already in Lisbon - fix the terms of the bailout with Portugal’s government. According to their figures, Portugal faces an economic contraction of 1.5% in 2011 and 0.5% in 2012, while unemployment is set to reach 12.4% in 2012. Público adds that Portugal’s economy is set to be the worst performing in the EU in 2012, while Greece and Ireland will already be on the way to recovery. According to the Lisbon daily, the EU and IMF experts’ “biggest preoccupation” will be with reform to employment rules, tenancy agreements, and cutting expenses in the judiciary, noting that Portugal might "pay less for the rescue package than Ireland and Greece".
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