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The period from 2010 to 2014 was probably the hardest and more challenging part of the entire economic crisis; this period includes the 2011–14 international bailout to Portugal and was marked by intense austerity policies, more intense than the wider 2001-2017 crisis.
The economy's growth has been accompanied by a continuous fall in the unemployment rate (6.3% in the first quarter of 2019, compared with 13.9% registered in the end of 2014). The government budget deficit has also been reduced from 11.2% of GDP in 2010 to 0.5% in 2018.
The Economic Adjustment Programme for Portugal, usually referred to as the Bailout programme, is a Memorandum of understanding on financial assistance to the Portuguese Republic in order to cope with the 2010–14 Portuguese financial crisis .
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s.
Carsten Brzeski, global head of macro at ING, expected little financial market impact from the crisis thanks to the strong reputation the country had built for itself in recent years with its ...
The European Union's structural and cohesion funds and the growth of many of Portugal's main exporting industries, including tourism, were leading forces in a new period of robust economic growth and socio-economic development that would flourish (though with a short crisis around 1992–94) to the early 2000s.
PIGS is a derogatory acronym that has been used to designate the economies of the Southern European countries of Portugal, Italy, Greece, and Spain. [1] [2] [3] [4] [5] During the European debt crisis of 2009–14 the variant PIIGS, or GIPSI, was coined to include Ireland.
Financial crisis[edit] In 2007, when the world was swept with financial crisis, Portugal's economy suffered in several areas. Portugal was plagued with low real GDP growth and borrowing costs, significant deficits, low investment, and high national debt.
3 year. 2 year. The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies ...
Moody noted that the rising debt would weigh heavily on the government's short-term finances. [47] Earlier in the year, Portugal was one of the countries identified in the European sovereign-debt crisis as concern spread over increasing government deficit and debt levels in certain countries.