335:, the accession to Euro was a root cause for the 2000s crisis, but for different reasons than the ones put forward by Ferreira do Amaral: the low interest rates allowed an influx of foreign capital, which the country's weak financial system misallocated to the low-productive non-tradable sector, reducing the economy's overall productivity. Meanwhile, the Social Security system was demanding increasing public spending, and the constant tax hikes in the 2000s limited the potential for growth of the Portuguese economy. It is noteworthy that from 2000 to 2007, taxes as share of GDP increased 1.7% in Portugal but declined 0.9% in Eurozone. Another factor at the root of the stagnation may be that Portuguese economy faced increasing competition by Eastern European countries and China, which were economies also specialized in low wages and low-value-added goods. Other more structural problems identified were excessive corruption, and regulation, which makes difficult for business to get bigger and achieve economies-of-scale, as also the low educational attainment of Portuguese adults, low total factor productivity, rigid labour market laws and an inefficient and slow judicial system.
523:, the ruling right wing party failed to achieve an operating majority despite having won the elections by a solid margin. An anti-austerity post-electoral left wing coalition was formed achieving 51% of the vote and 53% of elected MPs, however, the President of Portugal at first refused to allow the left wing coalition to govern, inviting the minority right wing coalition to form a government. This was formed in November 2015 and lasted 11 days when it lost motion of confidence. The President eventually invited and asked the Socialist Party to form a government supported by 123 of 230 MPs in parliament from all parties except the former right wing coalition which broke into two parties. The new government (of the Socialist Party and independents) took office in November 2015 with a parliamentary majority thanks to the support of the Left Bloc, the Green Party and the Communist Party and the abstention of the Animal Welfare Party (PAN). In 2017, the IMF saw a 2.5 percent growth rate and an unemployment rate below 10 percent, but the European Commission expected Portugal's Government debt to reach 128.5 percent of GDP.
507:
Before the bond exchange, the state had a total of €9.6 billion outstanding notes due in 2013, which according to the bailout plan should be renewed by the sale of new bonds on the market. As
Portugal was already able to renew one-third of the outstanding bonds at a reasonable yield level, the market now expect the upcoming renewals in 2013 also to be conducted at reasonable yield levels. The bailout funding programme will run until June 2014, but at the same time require Portugal to regain a complete bond market access in September 2013. The recent sale of bonds with a 3-year maturity, was the first bond sale of the Portuguese state since requesting the bailout in April 2011, and the first step slowly to open up its governmental bond market again. Recently the ECB announced they will be ready also, to begin additional support to Portugal, with some yield-lowering bond purchases (
374:
the best rates of economic recovery in the EU. From the perspective of
Portugal's industrial orders, exports, entrepreneurial innovation and high-school achievement, the country matched or even surpassed its neighbors in Western Europe. However, the Portuguese economy had been creating its own problems over a lengthy period of time, which came to a head with the financial crisis. Persistent and lasting recruitment policies boosted the number of redundant public servants. Risky credit, public debt creation, and European structural and cohesion funds were mismanaged across almost four decades. Portugal would be persistently criticized for years to come by institutions and organizations like the
464:
stronger because the economic adjustment was producing the desirable effects on the
Portuguese economy and public debt situation. Elections were held on 4 October 2015, with the Portugal à Frente (PaF) coalition between PSD and CDS-PP parties led by PSD's Pedro Passos Coelho, being the most voted political force with 38.5% of the votes – but it lost the absolute majority that the two parties had in parliament, leaving it with 107 deputies (89 from PSD and 18 from CDS-PP), out of a total of 230. Without that majority, socialist and communist parties banded together to form a coalition in the parliament and after avail of the President Aníbal Cavaco Silva and according to the law, the
158:
300:. Despite government policies openly aimed to consolidate the Portuguese public finances, Portugal was almost always under excessive deficit procedure and government debt-to-GDP ratio rose from 50% in 2000 to 68% in 2007 and 126% in 2012. The causes of the stagnation are complex, as many potential causes also affect other Southern European countries and did not prevent them from growing in the 2000s, nor did prevent Portugal from growing before the early 2000s. Economist
289:(which called for anti-cyclic policies), but was resumed in May 2010. In 2010 there was economic growth (1.9%) but the financial status remained very difficult (8.6% budget deficit); the country eventually became unable to repay or refinance its government debt and requested a bailout in April 2011; in 2011 the economy fell 1.3% and the government reported a 4.2% budget deficit. Meanwhile, government debt-to-GDP ratio sharply rose from 68% in 2007 to 111% in 2011.
123:
511:), when the country regained complete market access. All together this bodes well for a further decline of the governmental interest rates in Portugal, which on 30 January 2012 had a peak for the 10-year rate at 17.3% (after the rating agencies had cut the governments credit rating to "non-investment grade" -also referred to as "junk"), and as of 24 November 2012 has been more than halved to only 7.9%.
33:
142:
359:, and some of his political allies, maintained personal and business relationships with the bank and its CEO, who was eventually charged and arrested for fraud and other crimes. In the grounds of avoiding a potentially serious financial crisis in the Portuguese economy, the Portuguese government decided to give them a bailout, eventually at a future loss to taxpayers.
235:. Portuguese economy grew a combined 0.8% in 2002, was in recession in 2003 (-0.9%) and grew 1.6% in 2004. Ferreira Leite managed to keep deficit on 2.9% both in 2003 and in 2004, but through one-off and extraordinary measures. Otherwise, the deficit would have hit the 5% mark. Meanwhile, the first half of the 2000s also saw the end of the downward trend in the
250:; like his conservative predecessor, Sócrates tried to reduce the government's budget deficit through austerity and tax hikes. By then, the Portuguese economy was clearly lagging behind European partners and the 2005 budget deficit was expected to be above 6% if no extraordinary measures were used. In the Stability and Growth Programme for 2005–2009, the
207:
previous centuries, a catching-up process which was expected to continue. Portugal still entered well in the 2000s, registering an almost 4% GDP growth rate in 2000, but growth slowed along 2001; that year's growth rate was 2.0% and the unexpected slowdown was one of the causes that made the government's (still led by socialist
498:(PS) announced on television that the country, facing a status of bankruptcy, would request financial assistance to the IMF and the European Financial Stability Facility, like Greece and the Republic of Ireland had done before. On 16 May 2011, the eurozone leaders officially approved a €78 billion bailout package for Portugal.
194:), in Portugal the 2000s were not marked by economic growth, but instead were already a period of economic crisis, marked by stagnation, two recessions (in 2002–03 and 2008–09) and government-sponsored fiscal austerity in order to reduce the budget deficit to the limits allowed by the European Union's
458:
motion sponsored by all five opposition parties in parliament over spending cuts and tax increases. On 6 April 2011, José Sócrates, still in charge of the country, announced the requesting of an international financial rescue package to the
Portuguese Republic. In May 2011, the European Union and the
206:
to rise from 39% of the
Northern-Central European average in 1960 to 70% in 2000. Although, by 2000, Portugal was still the poorest country in Western Europe, it nevertheless had achieved a level of convergence with the developed economies in Central and Northern Europe which had no precedents in the
506:
A positive turning point in
Portugal's strive to regain access to financial markets, was achieved on 3 October 2012, when the state managed to convert €3.76 billion of bonds with maturity in September 2013 (carrying a 3.10% yield) to new bonds with maturity in October 2015 (carrying a 5.12% yield).
373:
Robert
Fishman, in the New York Times article "Portugal's Unnecessary Bailout", points out that Portugal fell victim to successive waves of speculation by pressure from bond traders, rating agencies and speculators. In the first quarter of 2010, before pressure from the markets, Portugal had one of
463:
managed to implement measures to improve the State's financial situation and the country started to be seen as moving on the right track. Despite the unemployment rate has reached new highs above 15 per cent in the second quarter 2012, the country would be able to overcome the crisis and emerge
1532:
313:
also thinks that the belonging to a currency union created numerous challenges to which the
Portuguese economy was not able to adapt. Bento also points out that Euro was the root cause for many of the internal macroeconomic disequilibria inside Eurozone – such as excessive external deficits in
280:
started to hit
Portugal in 2008; that year the Portuguese economy did not grow (0.0%) and fell almost 3% in 2009. Meanwhile, the government reported a 2.6% budget deficit in 2008 which rose to almost 10% in 2009. Austerity was somewhat waned in 2008–2010, as part of the
355:(BPP)) had been accumulating losses for years due to bad investments, embezzlement and accounting fraud. The case of BPN was particularly serious because of its size, market share, and the political implications - Portugal's then current President,
254:
proposed to let the budget deficit to be higher than 6% in 2005, but to structurally reduce it to below 3% until 2008, a plan which was accepted by the
European authorities. A notable milepost in the crisis happened in 2005, when the Portuguese
441:
hit euro lifetime highs as investors and creditors worried that the country would fail to rein in its budget deficit and debt. The yield on the country's 10-year government bonds reached 7 percent – a level the Portuguese Finance Minister
446:
had previously said would require the country to seek financial help from international institutions. Also in 2010, the country reached a record high unemployment rate of nearly 11%, a figure not seen for over two decades, while the number of
1077:
In 2000 (cell A222), Portugal had a GDP per capita of $ 13,922 (in 1990 US dollars) (cell Q222) while EU-12 countries had a GDP per capita of $ 20,131 (in 1990 US dollars) (cell N222). Thus, Portuguese GDP per capita was 69,2% of EU-12
326:
scholar and politician) points to the excessive size of the Portuguese government, whose total expenditures overtook 45% of the GDP in 2005. Such hypothesis was eventually the basis for the austerity requested as conditionality for the
1047:
In 1960 (cell A182), Portugal had a GDP per capita of $ 2,956 (in 1990 US dollars) (cell Q182) while EU-12 countries had a GDP per capita of $ 7,498 (in 1990 US dollars) (cell N182). Thus, Portuguese GDP per capita was 39,4% of EU-12
308:
in 1999–2002, which was too strong as a currency for Portugal's economy and industry and took away from the country the ability to direct its own monetary (rise or reduce interest rates) and cambial policy (currency devaluation).
201:
From the early 1960s to the early 2000s, Portugal endured three periods of robust economic growth and socio-economic development (approximately from 1960 to 1973, from 1985 to 1992 and from 1995 to 2001) which made the country's
532:
Budget deficit in 2016 was 2.1% of GDP, 0.4% the arbitrary limit set for it by the EC, the lowest since 1974, and less than half of the previous government's last year in power 2015. It is also 0.9% below the limits agreed at
362:
In the opening weeks of 2010, renewed anxiety about the excessive levels of debt in some EU countries and, more generally, about the health of the Euro spread from Ireland and Greece to Portugal, Spain, and Italy. In 2010,
459:
International Monetary Fund sealed a three-year €78 billion financial rescue plan for Portugal in a bid to stabilise its public finances. After the bailout was announced, the newly-elected Portuguese government headed by
231:; his government was marked by the introduction of harsh fiscal austerity policies and structural reforms, mainly justified by the need to reduce the budget deficit, a set of policies designed by his Finance Minister
110:. Portugal exited the bailout in May 2014, the same year that positive economic growth re-appeared following three years of recession. The government achieved a 2.1% budget deficit in 2016 (the lowest since the
78:
that started in 2001 and possibly ended between 2016 and 2017. The period from 2010 to 2014 was probably the hardest and more challenging part of the entire economic crisis; this period includes the
1788:
2433:
1466:
549:
In April 2017, the unemployment rate was 9.5%, over 8% below the all-time high reached in 2013 though still slightly above the 43-year average since the country became a democracy.
94:
in 2008 and eventually led to the country being unable to repay or refinance its government debt without the assistance of third parties. To prevent an insolvency situation in the
1332:
259:
overtook the European average for the first time since 1986. In 2007, the government achieved a 2.6% budget deficit (one year before target), below the 3.0% limit allowed by the
86:
policies, more intense than the wider 2001-2017 crisis. Economic growth stalled in Portugal between 2001 and 2002, and following years of internal economic crisis, the worldwide
318:(and were, to a great extent, more to important to explain the crisis than states' public finances). A set of economists (including former Prime Minister and eventual President
169:, from Spain, in October 2011. With economic downturn and a rising unemployment rate (over 10% unemployment rate in Portugal and 20% in Spain by 2011), the two countries of the
3594:
719:
1719:
1620:
4129:
4114:
2615:
4091:
367:
and PIGS acronyms were widely used by international bond analysts, academics, and the international economic press when referring to these under performing economies.
1004:
4076:
4015:
3978:
2657:
4194:
3812:
2548:
2034:
4136:
1222:
601:
In the 2000s and early 2010s, Portugal was under excessive deficit procedure (EDP) in 2002–2004, 2005–2008 and from 2009 on (this last EDP was closed in 2017).
3675:
2426:
1146:
615:
405:
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.
370:
Some senior German policy makers went as far as to say that emergency bailouts to Greece and future EU aid recipients should bring with it harsh penalties.
745:
414:
4060:
3920:
3819:
2740:
485:
328:
251:
103:
79:
3403:
263:. That year, the economy grew 2.4%, the highest rate in the decade (excluding 2000). Nevertheless, also in 2007, the comparatively low growth rate made
314:
periphery countries (such as Portugal) and excessive external surplus in core countries – and that such disequilibria were the main cause of the 2010s
186:
Unlike other European countries that were also severely hit by the Great Recession in the late 2000s and received bailouts in the early 2010s (such as
3770:
2640:
2321:
1882:
1399:
465:
4001:
3854:
3847:
3652:
3341:
2505:
2475:
4084:
3971:
3791:
3784:
2564:
2164:
1444:
955:
869:
4158:
2085:
1794:
1422:
3777:
3030:
2951:
2662:
2419:
1931:
3964:
3868:
3833:
3528:
3023:
2500:
2460:
2190:
2059:
1266:
3690:
1745:
1121:
3645:
3558:
1643:
910:
4266:
3307:
3299:
2645:
2347:
107:
2465:
1357:
2667:
2594:
520:
247:
220:
1572:
1147:
Technical document by the Commission Services accompanying the Report on Portugal prepared in accordance with Article 104(3) of the Treaty
616:
Technical document by the Commission Services accompanying the Report on Portugal prepared in accordance with Article 104(3) of the Treaty
1510:
3993:
3262:
2538:
1324:
1098:
4022:
4281:
2576:
2533:
1491:[National Institute of Statistics corrects 2010 deficit to 8.6% of the GDP] (in Portuguese). Jornal de Notícias. 31 March 2011
224:
157:
1469:[Sócrates gives first interview following approval of the austerity package] (in Portuguese). Jornal de Negócios. 17 May 2010
344:
239:
that marked the 1990s: the ratio rose from 53% in 2000 to 62% in 2004 (the ratio overtook the SGP's arbitrary limit of 60% in 2003).
4261:
4256:
4251:
4246:
4241:
4151:
3957:
3609:
3476:
3226:
2528:
2480:
821:
282:
191:
3396:
2295:
1956:
1723:
348:
286:
1855:
3008:
2683:
2543:
2008:
669:
Perelman, Julian; Felix, Sónia; Santana, Rui (24 December 2014). "The Great Recession in Portugal: Impact on hospital care use".
292:
In the end, Portuguese economy grew less on a per capita basis in the 2000s and early 2010s than the American economy during the
2111:
1982:
165:(left) from Portugal (in office since 21 June 2011 after José Sócrates has called for a Portuguese bail-out in April 2011), and
3798:
3572:
3059:
2137:
1488:
1244:
3763:
546:
In 2016, combined sovereign and personal debt in Portugal was the 5th largest in the Eurozone, reaching a combined 390% of GDP
228:
134:
3986:
3950:
3861:
2733:
2630:
2582:
1595:
559:
508:
174:
130:
4122:
301:
1288:
4286:
4187:
3826:
3697:
3638:
3491:
2485:
3359:
3889:
3733:
3726:
3683:
3631:
3565:
3163:
2652:
2470:
1830:
1291:[Portuguese Stability and Growth Programme is approved today in Brussels] (in Portuguese). Público. 12 July 2005
1247:[Portugal’s Stability and Growth Programme was well received by Eurogroup] (in Portuguese). Público. 8 June 2005
569:
443:
187:
4045:
4037:
3711:
3704:
3624:
3551:
3543:
3535:
3513:
2912:
99:
705:"The elections of the Great Recession in Portugal: performance voting under a blurred responsibility for the economy"
4029:
3934:
3740:
3418:
3181:
2373:
2216:
495:
473:
352:
150:
1513:[Portugal ended 2011 with a deficit of 4.2% or the GDP] (in Portuguese). Jornal de Negócios. 23 April 2012
4276:
4236:
4231:
4226:
4221:
4216:
4144:
4068:
3840:
3323:
3315:
2726:
2495:
2446:
430:
260:
216:
195:
1311:
A economia continuou a registrar positivos, porém pequenos, índices de crescimentos em 2005 (0.8%) e 2006 (1.4%)
1225:[Government’s plan to reduce deficit raises doubts to Commission] (in Portuguese). Público. 22 June 2005
932:
4271:
3805:
3468:
3440:
3277:
1061:
1031:
2395:
4180:
4098:
3602:
3505:
3106:
1771:
3270:
3052:
2325:
4173:
3875:
3121:
3114:
3066:
2768:
2588:
1378:
356:
319:
232:
126:
536:
In 2016, Portuguese GDP was $ 259 billion, up by about 3% from 2015, and 21% from its record low in 2012.
4105:
3498:
3352:
3015:
2997:
2924:
2903:
2620:
2570:
773:
4052:
3882:
3426:
3038:
2943:
2935:
2847:
2707:
1749:
323:
315:
111:
4008:
3718:
3616:
3521:
3381:
3233:
3151:
2985:
2810:
2625:
1647:
564:
460:
425:. In 2009, the deficit had been 9.4 percent, one of the highest in the Eurozone and well above the
297:
208:
162:
75:
843:
796:
644:
491:
243:
146:
2891:
1907:
1701:
1447:[Eurostat validates 9.4% budget deficit for 2009] (in Portuguese). Público. 22 April 2010
1124:[National budget deficit was 4.1% of the GDP in 2001] (in Portuguese). Jornal de Negócios
270:
166:
98:, Portugal applied in April 2011 for bail-out programs and drew a cumulated €78 billion from the
219:'s 3% limit for the budget deficit, and thus, it was opened an excessive deficit procedure. The
2243:
1568:
2977:
2960:
2861:
958:[Austerity measures may avoid fines due to excessive deficit] (in Portuguese). Público
686:
540:
256:
236:
170:
401:
rating down two notches from an Aa2 to an A1 Due to spending on economic stimuli, Portugal's
3942:
3457:
3452:
2868:
2840:
2817:
2749:
2693:
2635:
2035:"Emprego nas Administrações Públicas: Central, Regional, Local e Fundos da Segurança Social"
1817:
1691:
678:
469:
293:
872:[Portugal entered recession in the fourth quarter of 2002] (in Portuguese). Público
17:
3902:
3752:
3587:
3433:
3389:
3288:
2789:
2688:
2442:
1831:"Misallocation and productivity in the lead up to the Eurozone crisis | Banco de Portugal"
1269:[Portugal has till 2008 to correct deficit] (in Portuguese). Público. 15 July 2005
589:
277:
87:
273:". From 2005 to 2007, public debt was stable at a ratio of approximately 68% of the GDP.
2396:"How Portugal came back from the brink — and why austerity could have played a key role"
2348:"Data archive for bonds and rates (Ten-year government bond spreads on 30 January 2012)"
3667:
3579:
3484:
2854:
2833:
476:, took office on 26 November 2015, 53 days after the legislative elections won by PaF.
448:
438:
426:
422:
398:
383:
310:
203:
122:
1169:
1167:
911:"Table A.1.1.8 - Gross domestic product at market prices (volume change rate; annual)"
4210:
3330:
3255:
3248:
3241:
3219:
3203:
3195:
3188:
3174:
3144:
3137:
3130:
3088:
3081:
3074:
3045:
2884:
2877:
2803:
2775:
1646:[Eurocrisis: another perspective] (in Portuguese). Observador. Archived from
1425:[Eurostat accepts 2008 deficit reported by Portugal] (in Portuguese). Público
704:
455:
265:
682:
3659:
3410:
3211:
2782:
1918:
434:
387:
332:
1720:"Expresso | BPN: Oliveira Costa vendeu a Cavaco e filha 250 mil ações da SLN"
2270:"IMF says Portugal bailout only "qualified success", leaving unfinished business"
935:[Portugal ended 2008 in recession] (in Portuguese). RTP. 13 February 2009
386:
for its anti-market, labor movement-inspired labor laws and rules which promoted
114:
in 1974) and in 2017 the economy grew 2.7% (the highest growth rate since 2000).
3913:
3370:
2969:
2826:
2796:
2269:
95:
141:
394:
32:
2411:
2063:
1360:[Lowest deficit in 30 years] (in Portuguese). Público. 26 March 2008
83:
690:
539:
In 2016, Portugal registered a 14-year sequence of continuous increases in
1571:[Portugal: a country from crisis to crisis] (in Portuguese). RTP.
1402:[Government: public debt as share of GDP] (in Portuguese). Pordata
2761:
1467:"Sócrates dá primeira entrevista após aprovação do pacote de austeridade"
418:
212:
91:
1932:"Portuguese government seeks support for austerity plan - Sep. 30, 2010"
1883:"Bruxelas sugere a Portugal reformas estruturais do mercado de trabalho"
1705:
977:
153:(PS) was the prime minister and the leader of the Portuguese Government.
1887:
Bruxelas sugere a Portugal reformas estruturais do mercado de trabalho
1562:
1560:
1558:
1556:
1554:
1552:
1550:
1223:"Programa do Governo para reduzir o défice levanta dúvidas à Comissão"
1209:
1197:
1185:
1173:
822:"Portuguese economy grows 2.7% in 2017, the largest growth since 2000"
588:
An "everyday" example of the tax hikes during the 2000s crisis is the
2718:
1772:"Dias Loureiro entre os dirigentes do PSD no processo-crime do BPN"
1696:
1679:
956:"Medidas de austeridade poderão evitar multas por défice excessivo"
2165:"Portugal anuncia 'saída limpa' de resgate após 3 anos de ajustes"
1007:[Budget, taxes, reforms: Portugal's lesson of austerity].
1005:"Budget, impôts, retraite : la leçon d'austérité du Portugal"
364:
156:
140:
121:
2086:"Cronologia. Os dias que levaram ao pedido de resgate há 10 anos"
211:) budget deficit to slip to 4.1%; Portugal thus became the first
2400:
454:
On 23 March 2011, José Sócrates resigned following passage of a
402:
375:
305:
2722:
2415:
2324:. Kathimerini (English Edition). 3 October 2012. Archived from
1790:
Merkel Economy Adviser Says Greece Bailout Should Bring Penalty
1152:(Report). Commission of the European Communities. 22 July 2005
621:(Report). Commission of the European Communities. 22 July 2005
409:
Austerity measures amid increased pressure on government bonds
379:
592:'s standard rate, which rose from 17% in 2002 to 23% in 2011.
746:"Bailout Is Over for Portugal, but Side Effects Will Linger"
421:
partners, through a series of tax hikes and salary cuts for
2296:"Resultados em 2015 criaram Impasse político de dois meses"
1394:
1392:
1390:
1122:"Défice orçamental nacional atingiu os 4,1% do PIB em 2001"
390:
and the misallocation of factors of production in general.
720:"Portugal exits bailout poorer and long way from recovery"
2322:"Portugal seeks market access with $ 5 bln bond exchange"
1856:"FMI sugere a Portugal aumento da flexibilização laboral"
1596:"Portuguese bestselling book recommends leaving the euro"
1445:"Eurostat validou défice de 9,4 por cento do PIB em 2009"
870:"Portugal entrou em recessão no quarto trimestre de 2002"
1400:"Administrações Públicas: dívida bruta em % do PIB"
797:"Portugal's budget deficit falls to 40-year low at 2.1%"
2112:"EU and IMF seal €78 billion bailout deal for Portugal"
1423:"Eurostat aceita défice de 2008 registado por Portugal"
776:[GDP real growth rate] (in Portuguese). Pordata
347:, it was known in 2008–2009 that two Portuguese banks (
515:
Rejection of Austerity Conditions and Political Crisis
3067:
Post-Napoleonic Irish grain price and land use shocks
2009:"Desemprego do último trimestre de 2010 foi de 11,1%"
768:
766:
2060:"Portuguese parliament votes against austerity plan"
1680:"The Portuguese Slump and Crash and the Euro Crisis"
1267:"Portugal tem até 2008 para corrigir défice público"
1092:
1090:
1088:
1086:
417:
announced a fresh austerity package following other
3901:
3751:
3451:
3369:
3340:
3287:
3162:
3098:
2996:
2923:
2901:
2676:
2608:
2557:
2521:
2514:
2453:
1983:"Desemprego supera 11% no último trimestre de 2010"
1981:Portugal, Rádio e Televisão de (16 February 2011).
1813:
1811:
543:, i.e., since the adoption of the Euro as currency.
2191:"Pedro Passos Coelho há de ter o lugar que merece"
2616:Economic and Monetary Union of the European Union
1987:Desemprego supera 11% no último trimestre de 2010
1141:
1139:
1533:"Closed Excessive Deficit Procedures – Portugal"
1511:"Portugal fechou 2011 com défice de 4,2% do PIB"
1358:"Défice ao valor mais baixo dos últimos 30 anos"
1309:
1489:"INE corrige o défice de 2010 para 8,6% do PIB"
1245:"PEC português foi bem recebido pelo Eurogrupo"
1327:[The Portuguese economy at the divan]
490:On 6 April 2011, the resigning Prime Minister
4195:List of stock market crashes and bear markets
2734:
2427:
905:
903:
901:
899:
897:
895:
893:
891:
889:
887:
8:
1673:
1671:
1669:
1667:
1665:
1289:"PEC português é hoje aprovado em Bruxelas"
1210:Commission of the European Communities 2005
1198:Commission of the European Communities 2005
1186:Commission of the European Communities 2005
1174:Commission of the European Communities 2005
718:Bugge, Alex; Khalip, Andrei (16 May 2014).
645:"Portugal grows at fastest rate since 2000"
415:XVIII Constitutional Government of Portugal
2741:
2727:
2719:
2518:
2434:
2420:
2412:
2374:"Portugal 10-Year Futures Historical Data"
2015:(in European Portuguese). 16 February 2011
1919:BBC News -Moody's downgrades Portugal debt
1099:"The Mystery of Why Portugal Is So Doomed"
486:Economic Adjustment Programme for Portugal
480:Economic Adjustment Programme for Portugal
4016:2015–2016 Chinese stock market turbulence
1695:
1062:"Maddison Project Database, version 2013"
1032:"Maddison Project Database, version 2013"
913:. Instituto Nacional de Estatística. 2013
80:2011–14 international bailout to Portugal
2302:(in European Portuguese). 6 October 2019
2197:(in European Portuguese). 5 October 2017
954:Arriaga e Cunha, Isabel (28 June 2002).
844:"Sócrates calls for Portuguese bail-out"
173:were trapped right in the middle of the
31:
2217:"Sócrates satisfeito com "saída limpa""
635:
581:
521:parliamentary elections of October 2015
3921:Venezuelan banking crisis of 2009–2010
3691:South American economic crisis of 2002
3588:Black Wednesday (1992 Sterling crisis)
1957:"Austerity measures – DW – 03/09/2010"
74:was part of the wider downturn of the
3972:2013 Chinese banking liquidity crisis
3928:2010–2014 Portuguese financial crisis
3404:Secondary banking crisis of 1973–1975
1684:Brookings Papers on Economic Activity
1569:"Portugal, um país de crise em crise"
1535:. European Commission. 3 October 2016
133:from 2002 to 2004, in the cabinet of
72:2010–2014 Portuguese financial crisis
7:
4002:Russian financial crisis (2014–2016)
3855:2008–2011 Icelandic financial crisis
3848:2008–2009 Ukrainian financial crisis
3813:2000s U.S. housing market correction
3653:1998–2002 Argentine great depression
2668:2010 European Union bank stress test
329:2011–2014 European Union/IMF bailout
4159:2023–2024 Egyptian financial crisis
3994:Puerto Rican government-debt crisis
3987:2014–2016 Brazilian economic crisis
3360:1963–1965 Indonesian hyperinflation
3263:Shanghai rubber stock market crisis
2952:Dutch Republic stock market crashes
2565:Icelandic financial crisis protests
1060:Bolt, J.; van Zanden, J.L. (2014).
1030:Bolt, J.; van Zanden, J.L. (2014).
296:or the Japanese economy during the
3965:2012–2013 Cypriot financial crisis
3869:2008–2014 Spanish financial crisis
3841:2008–2009 Russian financial crisis
3834:2008–2009 Belgian financial crisis
3529:1988–1992 Norwegian banking crisis
3024:British credit crisis of 1772–1773
2663:United Kingdom bank rescue package
1644:"Eurocrise: uma outra perspectiva"
1623:. Project Syndicate. 25 March 2014
1120:Domingos, Ricardo (25 July 2002).
933:"Portugal fechou 2008 em recessão"
25:
4152:2023 United States banking crisis
3958:2011 Bangladesh share market scam
3646:1998–1999 Ecuador economic crisis
3610:Venezuelan banking crisis of 1994
3536:Japanese asset price bubble crash
3477:Souk Al-Manakh stock market crash
3227:Australian banking crisis of 1893
3031:Dutch Republic financial collapse
2376:. ForexPros.com. 24 November 2012
2244:"Pedro Passos Coelho sai de cena"
1331:(in Portuguese). RTP. June 2017.
774:"Taxa de crescimento real do PIB"
433:three percent limit. In November
397:Investors Service cut Portugal's
3009:Amsterdam banking crisis of 1763
2684:List of countries by public debt
1881:Portugal, Rádio e Televisão de.
1642:Bento, Vítor (8 February 2015).
1594:Vergès, Marie de (4 June 2013).
1575:from the original on 5 July 2018
1421:Aníbal, Sérgio (22 April 2009).
1338:from the original on 5 July 2018
643:Wise, Peter (14 February 2018).
3734:2007 Chinese stock bubble crash
3060:Danish state bankruptcy of 1813
2138:"Saída limpa foi há cinco anos"
1325:"A economia portuguesa no divã"
1097:O'Brien, Mathew (5 June 2013).
868:Melo, Eduardo (13 March 2003).
683:10.1016/j.healthpol.2014.12.015
269:to describe Portugal as "a new
4115:Chinese property sector crisis
4023:2015–2016 stock market selloff
3951:August 2011 stock markets fall
3862:2008–2011 Irish banking crisis
3559:1990s Swedish financial crisis
3308:Weimar Republic hyperinflation
2571:May Day protests across Europe
1818:Portugal’s Unnecessary Bailout
1003:Cambon, Diane (27 June 2008).
744:Minder, Raphael (5 May 2014).
560:European sovereign debt crisis
502:Re-access to financial markets
283:European economy recovery plan
175:European sovereign debt crisis
27:Economic recession in Portugal
1:
4188:List of sovereign debt crises
4130:2022 Russian financial crisis
3827:2008 Latvian financial crisis
3820:U.S. bear market of 2007–2009
3698:Stock market downturn of 2002
3639:1998 Russian financial crisis
3492:1983 Israel bank stock crisis
2658:Société Générale trading loss
2577:French pension reform strikes
2092:(in Portuguese). 5 April 2021
1930:Interns (30 September 2010).
1678:Reis, Ricardo (August 2013).
795:Wise, Peter (24 March 2017).
466:XXI Constitutional Government
345:financial crisis of 2007–2008
215:country to clearly break the
4267:Economic history of Portugal
3890:Greek government-debt crisis
3727:2004 Argentine energy crisis
3684:2001 Turkish economic crisis
3573:1990s Armenian energy crisis
3566:1990s Finnish banking crisis
3427:1976 British currency crisis
3397:1973–1974 stock market crash
570:Economic history of Portugal
444:Fernando Teixeira dos Santos
339:Anxiety on financial markets
237:government debt to GDP ratio
4046:2017 Sri Lankan fuel crisis
3712:2003 Myanmar banking crisis
3705:2002 Uruguay banking crisis
3625:1997 Asian financial crisis
3552:1991 Indian economic crisis
3544:Rhode Island banking crisis
3514:Cameroonian economic crisis
3300:Early Soviet hyperinflation
2913:Crisis of the Third Century
349:Banco Português de Negócios
304:points to the accession to
18:Great Recession in Portugal
4303:
4077:Sri Lankan economic crisis
3935:Energy crisis in Venezuela
3914:2009 Dubai debt standstill
3764:2007–2008 financial crisis
3419:Latin American debt crisis
3182:Paris Bourse crash of 1882
1379:"A new sick man of Europe"
483:
287:resurgence of Keynesianism
82:and was marked by intense
4282:Great Recession in Europe
4168:
4145:2022 stock market decline
4137:Pakistani economic crisis
4123:2021–2023 inflation surge
4069:Lebanese liquidity crisis
4038:Venezuelan hyperinflation
4030:Brexit stock market crash
3979:Venezuela economic crisis
3741:Zimbabwean hyperinflation
3324:Wall Street Crash of 1929
3164:2nd Industrial Revolution
2998:1st Industrial Revolution
2756:
2702:
2171:(in Brazilian Portuguese)
1621:"Deconstructing the Euro"
1066:Maddison Project Database
1036:Maddison Project Database
527:Key economic data in 2016
431:Stability and Growth Pact
261:Stability and Growth Pact
246:became Prime Minister in
229:José Manuel Durão Barroso
196:Stability and Growth Pact
135:José Manuel Durão Barroso
4262:2014 in economic history
4257:2013 in economic history
4252:2012 in economic history
4247:2011 in economic history
4242:2010 in economic history
3806:Subprime mortgage crisis
3469:Brazilian hyperinflation
3441:Brazilian hyperinflation
3278:Financial crisis of 1914
2986:Mississippi bubble crash
2250:(in European Portuguese)
2144:(in European Portuguese)
1862:(in European Portuguese)
112:restoration of democracy
4181:List of economic crises
4099:2020 stock market crash
4092:Financial market impact
4061:Turkish economic crisis
3676:9/11 stock market crash
3632:October 1997 mini-crash
3603:1994 bond market crisis
3595:Yugoslav hyperinflation
3506:Savings and loan crisis
3107:European potato failure
2142:www.jornaldenegocios.pt
824:. ECO. 14 February 2018
413:In September 2010, the
393:In the summer of 2010,
353:Banco Privado Português
4174:List of banking crises
3943:Syrian economic crisis
3876:Blue Monday Crash 2009
3485:Chilean crisis of 1982
3316:Shōwa financial crisis
3122:Highland Potato Famine
2978:South Sea bubble crash
2769:Commodity price shocks
2653:Irish emergency budget
2589:March for a Better Way
2242:ECO (4 October 2017).
2163:EFE, Da (4 May 2014).
1567:Romano, Pedro (2017).
1310:
233:Manuela Ferreira Leite
178:
154:
138:
127:Manuela Ferreira Leite
67:
3499:Black Saturday (1983)
3353:Kennedy Slide of 1962
2925:Commercial revolution
2621:European social model
223:brought to power the
182:2000s economic crisis
160:
144:
125:
35:
4287:Stock market crashes
4053:Ghana banking crisis
3883:European debt crisis
3668:Dot-com bubble crash
3580:Cuban Special Period
3039:Copper Panic of 1789
2944:The Great Debasement
2936:Great Bullion Famine
2708:European debt crisis
2631:Irish banking crisis
1820:– The New York Times
1746:"Diário de Notícias"
451:remained very high.
324:economically liberal
316:European debt crisis
252:Sócrates' government
4009:2015 Nepal blockade
3719:2000s energy crisis
3617:Mexican peso crisis
3522:Black Monday (1987)
3382:1970s energy crisis
3342:Post–WWII expansion
3016:Bengal bubble crash
2811:Financial contagion
2626:Icelandic outvasion
2276:. 22 September 2016
1908:Bond credit ratings
1797:on 19 February 2010
565:Economy of Portugal
461:Pedro Passos Coelho
357:Aníbal Cavaco Silva
320:Aníbal Cavaco Silva
163:Pedro Passos Coelho
145:From 2005 to 2011,
131:Minister of Finance
3271:Panic of 1910–1911
3115:Great Irish Famine
3053:Panic of 1796–1797
2892:Stock market crash
1726:on 12 October 2013
750:The New York Times
541:debt-to-GDP ratios
302:Ferreira do Amaral
271:sick man of Europe
221:2002 snap election
179:
167:Rodriguez Zapatero
155:
139:
76:Portuguese economy
68:
65: 3 month bond
47: 10 year bond
41: 30 year bond
4204:
4203:
4085:COVID-19 pandemic
2970:Tulip mania crash
2961:Kipper und Wipper
2938:(c. 1400–c. 1500)
2716:
2715:
2604:
2603:
2354:. 30 January 2012
2328:on 5 October 2012
1752:on 16 August 2014
257:unemployment rate
171:Iberian Peninsula
59: 1 year bond
53: 5 year bond
16:(Redirected from
4294:
4277:Financial crises
4237:2014 in Portugal
4232:2013 in Portugal
4227:2012 in Portugal
4222:2011 in Portugal
4217:2010 in Portugal
4197:
4190:
4183:
4176:
4161:
4154:
4147:
4140:
4132:
4125:
4118:
4108:
4101:
4094:
4087:
4080:
4072:
4064:
4056:
4048:
4041:
4033:
4025:
4018:
4011:
4004:
3997:
3989:
3982:
3974:
3967:
3960:
3953:
3946:
3938:
3930:
3923:
3916:
3892:
3885:
3878:
3871:
3864:
3857:
3850:
3843:
3836:
3829:
3822:
3815:
3808:
3801:
3794:
3787:
3780:
3773:
3766:
3744:
3736:
3729:
3722:
3714:
3707:
3700:
3693:
3686:
3679:
3671:
3663:
3655:
3648:
3641:
3634:
3627:
3620:
3612:
3605:
3598:
3590:
3583:
3575:
3568:
3561:
3554:
3547:
3539:
3531:
3524:
3517:
3509:
3501:
3494:
3487:
3480:
3472:
3458:Great Regression
3453:Great Moderation
3444:
3436:
3429:
3422:
3414:
3406:
3399:
3392:
3385:
3362:
3355:
3333:
3326:
3319:
3311:
3303:
3280:
3273:
3266:
3258:
3251:
3244:
3237:
3229:
3222:
3215:
3207:
3199:
3191:
3184:
3177:
3155:
3147:
3140:
3133:
3124:
3117:
3110:
3091:
3084:
3077:
3070:
3062:
3055:
3048:
3041:
3034:
3026:
3019:
3011:
2989:
2981:
2973:
2965:
2955:
2947:
2939:
2916:
2894:
2887:
2880:
2871:
2864:
2857:
2850:
2843:
2841:Liquidity crisis
2836:
2829:
2820:
2818:Social contagion
2813:
2806:
2799:
2792:
2785:
2778:
2771:
2764:
2750:Financial crises
2743:
2736:
2729:
2720:
2677:Related articles
2636:Anglo Irish Bank
2519:
2436:
2429:
2422:
2413:
2406:
2405:
2404:. 2 August 2017.
2392:
2386:
2385:
2383:
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2370:
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2202:
2187:
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2178:
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2149:
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2128:
2127:
2125:
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2099:
2097:
2082:
2076:
2075:
2073:
2071:
2056:
2050:
2049:
2047:
2045:
2031:
2025:
2024:
2022:
2020:
2005:
1999:
1998:
1996:
1994:
1978:
1972:
1971:
1969:
1967:
1953:
1947:
1946:
1944:
1942:
1927:
1921:
1916:
1910:
1905:
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1896:
1894:
1878:
1872:
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1869:
1867:
1852:
1846:
1845:
1843:
1841:
1835:www.bportugal.pt
1827:
1821:
1815:
1806:
1805:
1804:
1802:
1793:, archived from
1786:
1782:
1776:
1775:
1768:
1762:
1761:
1759:
1757:
1748:. Archived from
1742:
1736:
1735:
1733:
1731:
1722:. Archived from
1716:
1710:
1709:
1699:
1675:
1660:
1659:
1657:
1655:
1639:
1633:
1632:
1630:
1628:
1617:
1611:
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1608:
1606:
1591:
1585:
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1564:
1545:
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1540:
1529:
1523:
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1518:
1507:
1501:
1500:
1498:
1496:
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1463:
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1407:
1396:
1385:
1376:
1370:
1369:
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1365:
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1330:
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1315:
1313:
1307:
1301:
1300:
1298:
1296:
1285:
1279:
1278:
1276:
1274:
1263:
1257:
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1252:
1241:
1235:
1234:
1232:
1230:
1219:
1213:
1207:
1201:
1195:
1189:
1183:
1177:
1171:
1162:
1161:
1159:
1157:
1151:
1143:
1134:
1133:
1131:
1129:
1117:
1111:
1110:
1108:
1106:
1094:
1081:
1080:
1074:
1072:
1057:
1051:
1050:
1044:
1042:
1027:
1021:
1020:
1018:
1016:
1000:
994:
993:
991:
989:
978:"Stability pays"
974:
968:
967:
965:
963:
951:
945:
944:
942:
940:
929:
923:
922:
920:
918:
907:
882:
881:
879:
877:
865:
859:
858:
856:
854:
840:
834:
833:
831:
829:
818:
812:
811:
809:
807:
792:
786:
785:
783:
781:
770:
761:
760:
758:
756:
741:
735:
734:
732:
730:
715:
709:
708:
701:
695:
694:
666:
660:
659:
657:
655:
640:
630:
628:
626:
620:
602:
599:
593:
586:
294:Great Depression
225:Social Democrats
209:António Guterres
161:Prime Ministers
64:
58:
52:
46:
40:
21:
4302:
4301:
4297:
4296:
4295:
4293:
4292:
4291:
4272:Eurozone crisis
4207:
4206:
4205:
4200:
4193:
4186:
4179:
4172:
4164:
4157:
4150:
4143:
4135:
4128:
4121:
4113:
4104:
4097:
4090:
4083:
4075:
4067:
4059:
4051:
4044:
4036:
4028:
4021:
4014:
4007:
4000:
3992:
3985:
3977:
3970:
3963:
3956:
3949:
3941:
3933:
3926:
3919:
3912:
3905:
3903:Information Age
3897:
3888:
3881:
3874:
3867:
3860:
3853:
3846:
3839:
3832:
3825:
3818:
3811:
3804:
3797:
3790:
3783:
3776:
3769:
3762:
3755:
3753:Great Recession
3747:
3739:
3732:
3725:
3717:
3710:
3703:
3696:
3689:
3682:
3674:
3666:
3658:
3651:
3644:
3637:
3630:
3623:
3615:
3608:
3601:
3593:
3586:
3578:
3571:
3564:
3557:
3550:
3542:
3534:
3527:
3520:
3512:
3504:
3497:
3490:
3483:
3475:
3467:
3460:
3456:
3447:
3439:
3434:1979 oil crisis
3432:
3425:
3417:
3409:
3402:
3395:
3390:1973 oil crisis
3388:
3380:
3373:
3371:Great Inflation
3365:
3358:
3351:
3344:
3336:
3329:
3322:
3314:
3306:
3298:
3291:
3289:Interwar period
3283:
3276:
3269:
3261:
3254:
3247:
3240:
3232:
3225:
3218:
3210:
3202:
3194:
3187:
3180:
3173:
3166:
3158:
3150:
3143:
3136:
3129:
3120:
3113:
3105:
3094:
3087:
3080:
3073:
3065:
3058:
3051:
3044:
3037:
3029:
3022:
3014:
3007:
3000:
2992:
2984:
2976:
2968:
2958:
2950:
2942:
2934:
2927:
2919:
2911:
2897:
2890:
2883:
2876:
2867:
2860:
2853:
2846:
2839:
2832:
2825:
2816:
2809:
2802:
2795:
2790:Currency crisis
2788:
2781:
2774:
2767:
2760:
2752:
2747:
2717:
2712:
2698:
2689:Occupy movement
2672:
2646:Nationalisation
2600:
2553:
2510:
2449:
2443:Great Recession
2440:
2410:
2409:
2394:
2393:
2389:
2379:
2377:
2372:
2371:
2367:
2357:
2355:
2352:Financial Times
2346:
2345:
2341:
2331:
2329:
2320:
2319:
2315:
2305:
2303:
2294:
2293:
2289:
2279:
2277:
2268:
2267:
2263:
2253:
2251:
2241:
2240:
2236:
2226:
2224:
2223:(in Portuguese)
2215:
2214:
2210:
2200:
2198:
2189:
2188:
2184:
2174:
2172:
2162:
2161:
2157:
2147:
2145:
2136:
2135:
2131:
2121:
2119:
2110:
2109:
2105:
2095:
2093:
2084:
2083:
2079:
2069:
2067:
2066:. 23 March 2011
2058:
2057:
2053:
2043:
2041:
2033:
2032:
2028:
2018:
2016:
2007:
2006:
2002:
1992:
1990:
1989:(in Portuguese)
1980:
1979:
1975:
1965:
1963:
1955:
1954:
1950:
1940:
1938:
1929:
1928:
1924:
1917:
1913:
1906:
1902:
1892:
1890:
1889:(in Portuguese)
1880:
1879:
1875:
1865:
1863:
1854:
1853:
1849:
1839:
1837:
1829:
1828:
1824:
1816:
1809:
1800:
1798:
1787:
1784:
1783:
1779:
1770:
1769:
1765:
1755:
1753:
1744:
1743:
1739:
1729:
1727:
1718:
1717:
1713:
1677:
1676:
1663:
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1641:
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1636:
1626:
1624:
1619:
1618:
1614:
1604:
1602:
1593:
1592:
1588:
1578:
1576:
1566:
1565:
1548:
1538:
1536:
1531:
1530:
1526:
1516:
1514:
1509:
1508:
1504:
1494:
1492:
1487:
1486:
1482:
1472:
1470:
1465:
1464:
1460:
1450:
1448:
1443:
1442:
1438:
1428:
1426:
1420:
1419:
1415:
1405:
1403:
1398:
1397:
1388:
1377:
1373:
1363:
1361:
1356:
1355:
1351:
1341:
1339:
1335:
1328:
1323:
1322:
1318:
1308:
1304:
1294:
1292:
1287:
1286:
1282:
1272:
1270:
1265:
1264:
1260:
1250:
1248:
1243:
1242:
1238:
1228:
1226:
1221:
1220:
1216:
1208:
1204:
1196:
1192:
1184:
1180:
1172:
1165:
1155:
1153:
1149:
1145:
1144:
1137:
1127:
1125:
1119:
1118:
1114:
1104:
1102:
1096:
1095:
1084:
1070:
1068:
1059:
1058:
1054:
1040:
1038:
1029:
1028:
1024:
1014:
1012:
1002:
1001:
997:
987:
985:
984:. 25 March 2004
976:
975:
971:
961:
959:
953:
952:
948:
938:
936:
931:
930:
926:
916:
914:
909:
908:
885:
875:
873:
867:
866:
862:
852:
850:
842:
841:
837:
827:
825:
820:
819:
815:
805:
803:
801:Financial Times
794:
793:
789:
779:
777:
772:
771:
764:
754:
752:
743:
742:
738:
728:
726:
717:
716:
712:
703:
702:
698:
668:
667:
663:
653:
651:
649:Financial Times
642:
641:
637:
624:
622:
618:
614:
611:
606:
605:
600:
596:
587:
583:
578:
556:
529:
517:
504:
496:Socialist Party
488:
482:
474:Socialist Party
449:public servants
423:public servants
411:
341:
278:Great Recession
184:
151:Socialist Party
120:
90:started to hit
88:Great Recession
66:
62:
60:
56:
54:
50:
48:
44:
42:
38:
36:Portugal bonds
28:
23:
22:
15:
12:
11:
5:
4300:
4298:
4290:
4289:
4284:
4279:
4274:
4269:
4264:
4259:
4254:
4249:
4244:
4239:
4234:
4229:
4224:
4219:
4209:
4208:
4202:
4201:
4199:
4198:
4191:
4184:
4177:
4169:
4166:
4165:
4163:
4162:
4155:
4148:
4141:
4139:(2022–present)
4133:
4126:
4119:
4117:(2020–present)
4111:
4110:
4109:
4102:
4095:
4081:
4079:(2019–present)
4073:
4071:(2019–present)
4065:
4063:(2018–present)
4057:
4049:
4042:
4034:
4026:
4019:
4012:
4005:
3998:
3990:
3983:
3981:(2013–present)
3975:
3968:
3961:
3954:
3947:
3945:(2011–present)
3939:
3937:(2010–present)
3931:
3924:
3917:
3909:
3907:
3906:(2009–present)
3899:
3898:
3896:
3895:
3894:
3893:
3886:
3879:
3872:
3865:
3858:
3851:
3844:
3837:
3830:
3823:
3816:
3809:
3802:
3795:
3788:
3781:
3774:
3771:September 2008
3759:
3757:
3749:
3748:
3746:
3745:
3743:(2007–present)
3737:
3730:
3723:
3715:
3708:
3701:
3694:
3687:
3680:
3672:
3664:
3656:
3649:
3642:
3635:
3628:
3621:
3613:
3606:
3599:
3591:
3584:
3576:
3569:
3562:
3555:
3548:
3540:
3532:
3525:
3518:
3510:
3502:
3495:
3488:
3481:
3473:
3464:
3462:
3449:
3448:
3446:
3445:
3437:
3430:
3423:
3415:
3407:
3400:
3393:
3386:
3377:
3375:
3367:
3366:
3364:
3363:
3356:
3348:
3346:
3338:
3337:
3335:
3334:
3327:
3320:
3312:
3304:
3295:
3293:
3285:
3284:
3282:
3281:
3274:
3267:
3259:
3252:
3245:
3238:
3230:
3223:
3216:
3208:
3200:
3192:
3185:
3178:
3170:
3168:
3160:
3159:
3157:
3156:
3148:
3141:
3134:
3127:
3126:
3125:
3118:
3102:
3100:
3096:
3095:
3093:
3092:
3085:
3078:
3071:
3063:
3056:
3049:
3042:
3035:
3033:(c. 1780–1795)
3027:
3020:
3012:
3004:
3002:
2994:
2993:
2991:
2990:
2982:
2974:
2966:
2956:
2954:(c. 1600–1760)
2948:
2940:
2931:
2929:
2921:
2920:
2918:
2917:
2908:
2906:
2899:
2898:
2896:
2895:
2888:
2881:
2874:
2873:
2872:
2865:
2858:
2851:
2837:
2834:Hyperinflation
2830:
2823:
2822:
2821:
2807:
2800:
2793:
2786:
2779:
2772:
2765:
2757:
2754:
2753:
2748:
2746:
2745:
2738:
2731:
2723:
2714:
2713:
2711:
2710:
2703:
2700:
2699:
2697:
2696:
2691:
2686:
2680:
2678:
2674:
2673:
2671:
2670:
2665:
2660:
2655:
2650:
2649:
2648:
2643:
2638:
2628:
2623:
2618:
2612:
2610:
2606:
2605:
2602:
2601:
2599:
2598:
2592:
2586:
2583:Irish students
2580:
2574:
2568:
2561:
2559:
2555:
2554:
2552:
2551:
2549:United Kingdom
2546:
2541:
2536:
2531:
2525:
2523:
2516:
2512:
2511:
2509:
2508:
2503:
2498:
2493:
2488:
2483:
2478:
2473:
2468:
2463:
2457:
2455:
2451:
2450:
2441:
2439:
2438:
2431:
2424:
2416:
2408:
2407:
2387:
2365:
2339:
2313:
2287:
2261:
2234:
2208:
2182:
2155:
2129:
2103:
2077:
2051:
2039:www.pordata.pt
2026:
2000:
1973:
1948:
1922:
1911:
1900:
1873:
1847:
1822:
1807:
1777:
1763:
1737:
1711:
1697:10.3386/w19288
1690:(1): 143–210.
1661:
1650:on 5 July 2018
1634:
1612:
1586:
1546:
1524:
1502:
1480:
1458:
1436:
1413:
1386:
1371:
1349:
1316:
1302:
1280:
1258:
1236:
1214:
1202:
1190:
1178:
1163:
1135:
1112:
1101:. The Atlantic
1082:
1052:
1022:
995:
969:
946:
924:
883:
860:
835:
813:
787:
762:
736:
710:
696:
677:(3): 307–315.
661:
634:
633:
632:
631:
610:
607:
604:
603:
594:
580:
579:
577:
574:
573:
572:
567:
562:
555:
552:
551:
550:
547:
544:
537:
534:
528:
525:
516:
513:
503:
500:
484:Main article:
481:
478:
437:on Portuguese
427:European Union
410:
407:
399:sovereign bond
384:European Union
340:
337:
204:GDP per capita
183:
180:
119:
116:
61:
55:
49:
43:
37:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
4299:
4288:
4285:
4283:
4280:
4278:
4275:
4273:
4270:
4268:
4265:
4263:
4260:
4258:
4255:
4253:
4250:
4248:
4245:
4243:
4240:
4238:
4235:
4233:
4230:
4228:
4225:
4223:
4220:
4218:
4215:
4214:
4212:
4196:
4192:
4189:
4185:
4182:
4178:
4175:
4171:
4170:
4167:
4160:
4156:
4153:
4149:
4146:
4142:
4138:
4134:
4131:
4127:
4124:
4120:
4116:
4112:
4107:
4103:
4100:
4096:
4093:
4089:
4088:
4086:
4082:
4078:
4074:
4070:
4066:
4062:
4058:
4054:
4050:
4047:
4043:
4039:
4035:
4031:
4027:
4024:
4020:
4017:
4013:
4010:
4006:
4003:
3999:
3995:
3991:
3988:
3984:
3980:
3976:
3973:
3969:
3966:
3962:
3959:
3955:
3952:
3948:
3944:
3940:
3936:
3932:
3929:
3925:
3922:
3918:
3915:
3911:
3910:
3908:
3904:
3900:
3891:
3887:
3884:
3880:
3877:
3873:
3870:
3866:
3863:
3859:
3856:
3852:
3849:
3845:
3842:
3838:
3835:
3831:
3828:
3824:
3821:
3817:
3814:
3810:
3807:
3803:
3800:
3796:
3793:
3792:December 2008
3789:
3786:
3785:November 2008
3782:
3779:
3775:
3772:
3768:
3767:
3765:
3761:
3760:
3758:
3754:
3750:
3742:
3738:
3735:
3731:
3728:
3724:
3720:
3716:
3713:
3709:
3706:
3702:
3699:
3695:
3692:
3688:
3685:
3681:
3677:
3673:
3669:
3665:
3661:
3657:
3654:
3650:
3647:
3643:
3640:
3636:
3633:
3629:
3626:
3622:
3618:
3614:
3611:
3607:
3604:
3600:
3596:
3592:
3589:
3585:
3581:
3577:
3574:
3570:
3567:
3563:
3560:
3556:
3553:
3549:
3545:
3541:
3537:
3533:
3530:
3526:
3523:
3519:
3515:
3511:
3507:
3503:
3500:
3496:
3493:
3489:
3486:
3482:
3478:
3474:
3470:
3466:
3465:
3463:
3459:
3454:
3450:
3442:
3438:
3435:
3431:
3428:
3424:
3420:
3416:
3412:
3408:
3405:
3401:
3398:
3394:
3391:
3387:
3383:
3379:
3378:
3376:
3372:
3368:
3361:
3357:
3354:
3350:
3349:
3347:
3343:
3339:
3332:
3331:Panic of 1930
3328:
3325:
3321:
3317:
3313:
3309:
3305:
3301:
3297:
3296:
3294:
3290:
3286:
3279:
3275:
3272:
3268:
3264:
3260:
3257:
3256:Panic of 1907
3253:
3250:
3249:Panic of 1901
3246:
3243:
3242:Panic of 1896
3239:
3235:
3231:
3228:
3224:
3221:
3220:Panic of 1893
3217:
3213:
3209:
3205:
3204:Baring crisis
3201:
3197:
3196:Arendal crash
3193:
3190:
3189:Panic of 1884
3186:
3183:
3179:
3176:
3175:Panic of 1873
3172:
3171:
3169:
3165:
3161:
3153:
3149:
3146:
3145:Panic of 1866
3142:
3139:
3138:Panic of 1857
3135:
3132:
3131:Panic of 1847
3128:
3123:
3119:
3116:
3112:
3111:
3108:
3104:
3103:
3101:
3097:
3090:
3089:Panic of 1837
3086:
3083:
3082:Panic of 1825
3079:
3076:
3075:Panic of 1819
3072:
3068:
3064:
3061:
3057:
3054:
3050:
3047:
3046:Panic of 1792
3043:
3040:
3036:
3032:
3028:
3025:
3021:
3017:
3013:
3010:
3006:
3005:
3003:
2999:
2995:
2987:
2983:
2979:
2975:
2971:
2967:
2963:
2962:
2957:
2953:
2949:
2945:
2941:
2937:
2933:
2932:
2930:
2926:
2922:
2914:
2910:
2909:
2907:
2905:
2900:
2893:
2889:
2886:
2885:Social crisis
2882:
2879:
2878:Minsky moment
2875:
2870:
2866:
2863:
2859:
2856:
2852:
2849:
2845:
2844:
2842:
2838:
2835:
2831:
2828:
2824:
2819:
2815:
2814:
2812:
2808:
2805:
2804:Energy crisis
2801:
2798:
2794:
2791:
2787:
2784:
2780:
2777:
2776:Credit crunch
2773:
2770:
2766:
2763:
2759:
2758:
2755:
2751:
2744:
2739:
2737:
2732:
2730:
2725:
2724:
2721:
2709:
2705:
2704:
2701:
2695:
2692:
2690:
2687:
2685:
2682:
2681:
2679:
2675:
2669:
2666:
2664:
2661:
2659:
2656:
2654:
2651:
2647:
2644:
2642:
2639:
2637:
2634:
2633:
2632:
2629:
2627:
2624:
2622:
2619:
2617:
2614:
2613:
2611:
2607:
2596:
2593:
2590:
2587:
2584:
2581:
2578:
2575:
2572:
2569:
2566:
2563:
2562:
2560:
2556:
2550:
2547:
2545:
2542:
2540:
2537:
2535:
2532:
2530:
2527:
2526:
2524:
2520:
2517:
2513:
2507:
2504:
2502:
2499:
2497:
2494:
2492:
2489:
2487:
2484:
2482:
2479:
2477:
2474:
2472:
2469:
2467:
2464:
2462:
2459:
2458:
2456:
2452:
2448:
2444:
2437:
2432:
2430:
2425:
2423:
2418:
2417:
2414:
2403:
2402:
2397:
2391:
2388:
2375:
2369:
2366:
2353:
2349:
2343:
2340:
2327:
2323:
2317:
2314:
2301:
2297:
2291:
2288:
2275:
2271:
2265:
2262:
2249:
2245:
2238:
2235:
2222:
2218:
2212:
2209:
2196:
2192:
2186:
2183:
2170:
2166:
2159:
2156:
2143:
2139:
2133:
2130:
2118:. 16 May 2011
2117:
2113:
2107:
2104:
2091:
2087:
2081:
2078:
2065:
2061:
2055:
2052:
2040:
2036:
2030:
2027:
2014:
2010:
2004:
2001:
1988:
1984:
1977:
1974:
1962:
1958:
1952:
1949:
1937:
1933:
1926:
1923:
1920:
1915:
1912:
1909:
1904:
1901:
1888:
1884:
1877:
1874:
1861:
1857:
1851:
1848:
1836:
1832:
1826:
1823:
1819:
1814:
1812:
1808:
1796:
1792:
1791:
1781:
1778:
1773:
1767:
1764:
1751:
1747:
1741:
1738:
1725:
1721:
1715:
1712:
1707:
1703:
1698:
1693:
1689:
1685:
1681:
1674:
1672:
1670:
1668:
1666:
1662:
1649:
1645:
1638:
1635:
1622:
1616:
1613:
1601:
1597:
1590:
1587:
1574:
1570:
1563:
1561:
1559:
1557:
1555:
1553:
1551:
1547:
1534:
1528:
1525:
1512:
1506:
1503:
1490:
1484:
1481:
1468:
1462:
1459:
1446:
1440:
1437:
1424:
1417:
1414:
1401:
1395:
1393:
1391:
1387:
1384:
1383:The Economist
1380:
1375:
1372:
1359:
1353:
1350:
1334:
1326:
1320:
1317:
1312:
1306:
1303:
1290:
1284:
1281:
1268:
1262:
1259:
1246:
1240:
1237:
1224:
1218:
1215:
1212:, p. 11.
1211:
1206:
1203:
1199:
1194:
1191:
1188:, p. 13.
1187:
1182:
1179:
1175:
1170:
1168:
1164:
1148:
1142:
1140:
1136:
1123:
1116:
1113:
1100:
1093:
1091:
1089:
1087:
1083:
1079:
1067:
1063:
1056:
1053:
1049:
1037:
1033:
1026:
1023:
1010:
1006:
999:
996:
983:
982:The Economist
979:
973:
970:
957:
950:
947:
934:
928:
925:
912:
906:
904:
902:
900:
898:
896:
894:
892:
890:
888:
884:
871:
864:
861:
849:
845:
839:
836:
823:
817:
814:
802:
798:
791:
788:
775:
769:
767:
763:
751:
747:
740:
737:
725:
721:
714:
711:
706:
700:
697:
692:
688:
684:
680:
676:
672:
671:Health Policy
665:
662:
650:
646:
639:
636:
617:
613:
612:
608:
598:
595:
591:
585:
582:
575:
571:
568:
566:
563:
561:
558:
557:
553:
548:
545:
542:
538:
535:
531:
530:
526:
524:
522:
514:
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3660:Samba effect
3516:(1987–2000s)
3411:Steel crisis
3234:Black Monday
3212:Encilhamento
3152:Black Friday
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2915:(235–284 CE)
2783:Credit cycle
2641:Hidden loans
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3670:(2000–2004)
3619:(1994–1996)
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3018:(1769–1784)
3001:(1760–1840)
2964:(1621–1623)
2946:(1544–1551)
2928:(1000–1760)
2827:Flash crash
2797:Debt crisis
2595:UK students
2380:24 November
2358:24 November
2306:19 November
2280:19 November
2254:19 November
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2201:19 November
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2019:19 November
1993:19 November
1801:15 February
1011:(in French)
853:11 February
533:Maastricht.
311:Vítor Bento
298:Lost Decade
96:debt crisis
4211:Categories
2848:Accounting
2609:Background
2454:By country
2332:17 October
848:www.ft.com
609:References
351:(BPN) and
343:After the
242:Socialist
106:, and the
4106:Recession
3099:1840–1870
2522:By region
2515:Responses
2300:www.dn.pt
2195:www.dn.pt
2116:France 24
2064:France 24
2013:www.dn.pt
1936:Kyiv Post
1893:30 August
1866:30 August
1860:www.jn.pt
1840:30 August
1009:Le Figaro
828:13 August
84:austerity
2762:Bank run
2558:Specific
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2169:Economia
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2070:23 March
1706:23594865
1573:Archived
1333:Archived
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1048:average.
691:25583679
554:See also
419:Eurozone
382:and the
285:and the
213:Eurozone
129:was the
92:Portugal
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2534:Ireland
2506:Ukraine
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519:In the
494:of the
472:of the
395:Moody's
227:led by
192:Ireland
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4032:(2016)
3678:(2001)
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3198:(1886)
3154:(1869)
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2567:(2009)
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2496:Russia
2486:Latvia
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2544:Spain
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365:PIIGS
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