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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.
During the crisis, Portugal's government debt increased from 93 to 139 percent of GDP. On 3 August 2014, Banco de Portugal announced the country's second biggest bank Banco Espírito Santo would be split in two after losing the equivalent of $4.8 billion in the first 6 months of 2014, sending its shares down by 89 percent. Spain
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.
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.
PIGS is a derogatory acronym that has been used to designate the economies of the Southern European countries of Portugal, Italy, Greece, and Spain. During the European debt crisis of 2009–14 the variant PIIGS, or GIPSI, was coined to include Ireland.
Portuguese national debt skyrocketed during the 2010-2014 Financial Crisis, but is slowly trending down. There were mixed results of this IMF program. On one hand, Portugal recovered their access to Capital markets , which was a main goal of the program and the largest contributor to their crisis.
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.
In November 2014, Portugal received its last delayed €0.4bn tranche from EFSM (post programme), hereby bringing its total drawn bailout amount up at €76.8bn out of €79.0bn. 9 Romania recovered faster than expected, and thus did not receive the remaining €1.0bn bailout support originally scheduled for 2011.
2000s European sovereign debt crisis timeline. From late 2009, fears of a sovereign debt crisis in some European states developed, with the situation becoming particularly tense in early 2010. [1] [2] Greece was most acutely affected, but fellow Eurozone members Cyprus, Ireland, Italy, Portugal, and Spain were also significantly affected.