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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.
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 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.
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 ...
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.
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 ...
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.
Due to spending on economic stimuli, Portugal's debt had increased sharply compared to the gross domestic product. Moody noted that the rising debt would weigh heavily on the government's short-term finances.