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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 Portuguese Financial crisis was a major political and economic crisis, related with the European sovereign debt crisis and its heavy impact in Portugal. The crisis started to be noted in the initial weeks of 2010 and only began to fade away with the start of the Portuguese economic recovery in the late 2013.
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.
Portugal still has many tough years ahead. During the crisis, Portugal's government debt increased from 93 to 139 percent of GDP.
PIGS (economics) 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.
To avoid a potentially serious financial crisis for the Portuguese economy, the Portuguese government agreed to provide the two banks with monetary bailouts at a future loss to taxpayers.
Financial crisis. 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. Additionally, the quick stop of capital flows in Portugal was made easier because of this ...
It was formed due to the European debt crisis as an ad hoc authority with a mandate to manage the bailouts of Cyprus, Greece, Ireland and Portugal, in the aftermath of their prospective insolvency caused by the world financial crisis of 2007–2008.
Known for. Bank fraud. Artur Virgílio Alves Reis [a] ( Lisbon, 8 September 1896 – 9 July 1955) was a Portuguese criminal who perpetrated one of the largest frauds in history, against the Bank of Portugal in 1925, often called the Portuguese Bank Note Crisis .
In June 2014, the public debt reached 134% of the GDP. [5] After 2014, when the Portuguese economy started recovering and with the end of Troika, the Portuguese debt gradually started decreasing. As of December 2023, it stood at 98.7% of the national GDP, the lowest level recorded since 2009.