Portugal Debt Crisis

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Portugal Debt Crisis Portugal is a recently developed country with a population of over 10 million people. Despite the gradual modernization and relative expansion of Portugal since the 1960s, it remained underdeveloped until the 2000s. Since then it has achieved significant recognition for its world-standard practices, trends and exports. Portugal has suffered severely from the recent Euro crisis. Previously, Portugal was one of the most long-lived modern empires in Europe. For almost 600 years Portugal has owned many countries by colonisation. As of the 19th century, its international status was greatly reduced when Brazil – Portugal’s largest colony – gained independence. While Portugal is one of the most globalised and peaceful nations in the world, it also suffers from significant amounts of debt. Portugal was one of the most profound colonizers in history. Slowly over time, these countries have gained independence or were handed over to another authority. In 1974-75, some of Portugal’s smaller colonies gained independence, such as Bissau, Mozambique, Cape Verde Islands, Sao Tome and Principe, and Angola. This had an effect on Portugal’s economy greatly. In this time period, Portugal gained imports and money from its colonies, which kept their economy steady while subtly relying on them for support. Also, as colonies of Portugal, they held alliances to their colonizer; this would assist Portugal financially, helping to sustain a good economy. However, as these countries gained independence, Portugal lacked the safety net of its colonies, and it inevitably affected the economy. In 1999, Macau was handed over to Chinese authority, leaving Portugal with no overseas colonies. When Portugal had to begin to sustain its own economy, inconveniently, the Euro Crisis began. The Euro crisis is the most important factor to the current Portuguese debt situation. The
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