( CNN ) -- Portugal will avoid a second bailout when its current financial aid program expires in the spring of 2014 , according to the boss of the country 's largest energy provider . Speaking with CNN 's Isa Soares , Antonio Mexia , head of Energias de Portugal [ EDP ] , said : `` I do n't believe and I do n't want to believe [ in ] the needs of a second bailout . '' He added : `` At the Portuguese level overall we are doing what we need to do to avoid a second bailout . '' READ MORE : Europe fractures even as it shakes off recession . Mexia 's comments were made on October 2 before the troika -- made up of the International Monetary Fund , the European Central Bank and the European Commission -- approved Portugal 's economic progress . The latest visit from creditors means the embattled eurozone nation will receive the next tranche of its 78 billion euro ( $ 111 billion ) financial aid package . However , government official were unable to convince creditors to ease the country 's deficit reduction target for next year . Portugal 's coalition government , led by Pedro Passos Coelho , must find billions of dollars in additional spending cuts , despite juggling an already austerity-fatigued electorate , mass unemployment and questions over political stability . But Mexia said : `` I think today politically you have higher stability than 6 months ago , that 's clear . Political stability has a lot to do with the results of let 's say , this bailout package . '' READ MORE : Could Germany 's nuclear gamble backfire ? With the Portuguese economy forecast to contract 2.3 % this year , according to Eurostat , Mexia believes the government can spur growth by lowering taxes , particularly on corporations . He added that changes need to be made at European level to solve the region 's debt crisis . Mexia told CNN : `` You can not have a common currency without having additional fiscal policy integration , without having a higher budget at European level , without a new mechanism for the structural funds . '' READ MORE : Mutti Merkel no Iron Lady . In recent years , European leaders have taken steps to deepen financial ties including the signing of a Stability and Growth Pact in 2011 and plans for a banking union in the eurozone . Mexia added : `` You need to create long term conditions to have the transfer of wealth between the North and South in a positive way because also the South is a significant market for the wealth in the North . ''
CEO of Spain 's largest energy provider says country will need second bailout . Antonio Mexia told CNN ' I do n't want to believe ' in the need for more financial help . European leaders have taken steps to deepen financial ties in the eurozone . Mexia said long - term conditions needed to be created for the transfer of wealth between North and South .