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Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
Keywords: Portugal, Antonio Costa,
In 2015 the new government of Antonio Costa took a U turn from austerity policies followed in return for a bailout from the European Union. This has helped Portugal achieve the highest growth in a decade coming back from a severe slump. Unemployment is cut in half with growth in the tourist industry, and investment in agriculture, construction, aerospace. Traditional industries such as paper mills and textiles have invested in new technology resulting in a boom in exports. German companies Bosch, Mercedes Benz, and others have also invested in the country. Portugal has a good relationship with Germany and the European Union which has also helped attract foreign investment.
Prime minister Antonio Costa says "too much austerity deepens a recession and leads to a vicious circle." Antonio Costa came to power in 2015 on promises to reverse cuts in income made by the previous government to reduce the deficit in exchange for a 78 billion euro international bailout. The government backed by left parties left out of government since 1974 with the collapse of the dictatorship, was able to increase public sector salaries, the minimum wage and pensions, over objections of the IMF and the German government. Incentives were given to small business in the form of tax incentives, development subsidies and funding. Budget balancing was achieved by cutting expenditure on infrastructure and other spending, cutting the budget deficit from 4.4% when Costa took office to 1%. A surplus is planned for 2020, ending a quarter century of budget deficits.
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New York Times 05/25/2012
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Ratings Gag Is No Joking Matter
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Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
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Portugal's prime minister during the austerity measures- Pedro Passos Coelho
10/02/2015
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Pedro Passos Coelho, Who Led Austerity Plan in Portugal, Nears Re-Election
New York Times 10/02/2015
Rising Left Bloc in Portugal Could Threaten Austerity Drive
New York Times 11/07/2015
Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
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Faces in Portugal in 2015 as it struggles to make an economic recovery
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Portugal on Road to Recovery Post-Bailout, But Scars Remain
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After a Recession in Portugal, the Tiny Green Fruits of Success
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Portugal’s President Clears the Way for a New Government
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Portugal's effort to increase foreign investment and improve competitiveness
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Efforts to reduce the corporate tax rate on foreign investment in Portugal to 10% in 2013.
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After a Recession in Portugal, the Tiny Green Fruits of Success
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Interest rates of about 10% for loans to small business in Portugal in 2014 hamper an economic recovery and job creation. The eurozone struggles to find growth in the first half of 2014, with the economy of Italy and Portugal continuing to shrink and France stalling. The credit squeeze is hurting the recovery.
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Portugal's exit from the EU bailout and gradual recovery in 2014
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Portugal Set for Clean Exit from Bailout Program
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Buoyed by Exports, Portugal Chooses Clean Exit From Bailout
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Bailout Is Over for Portugal, but Side Effects Will Linger
New York Times 05/05/2014
Portugal on Road to Recovery Post-Bailout, But Scars Remain
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Pedro Passos Coelho, Who Led Austerity Plan in Portugal, Nears Re-Election
New York Times 10/02/2015
Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
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Rebelo de Souza, elected president of Portugal in 2016
01/24/2016
Rebelo de Souza wins 52% of the vote. He represents the centre right in Portugal, and was host of a television program. The election for president comes after the election of a centre left government in 2015 under Socialist Party prime minister Antonio Costa that has turned back some of the austerity programs of the previous government.
Grouped Articles
In Portugal, Voters Pick Center-Right President
New York Times 01/24/2016
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Antonio Costa, Socialist Party prime minister of Portugal in November 2015
11/26/2015
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Viana do Castelo and its mayor Jose Maria Costa- a coastal town in Portugal as the economy recovers in 2015
07/20/2015
Grouped Articles
Portugal on Road to Recovery Post-Bailout, But Scars Remain
Wall Street Journal 07/20/2015
Portugal’s President Clears the Way for a New Government
New York Times 10/22/2015
Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
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Portugal's shoe industry exports, a bright spot in the trade balance
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Portugal's Shoemakers Bet on Quality
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Buoyed by Exports, Portugal Chooses Clean Exit From Bailout
New York Times 05/04/2014
Portugal on Road to Recovery Post-Bailout, But Scars Remain
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Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
New York Times 07/22/2018
Portugal's austerity measures and the financial crisis 2010-2015
09/27/2010
Collapse of the government in Portugal in 2011, after failing to win support for further austerity measures.
Grouped Articles
Wall Street Journal 05/03/2013
Portugal Returns to Bond Market
Wall Street Journal 05/08/2013
Portugal Plans Cuts in Spending
Wall Street Journal 05/30/2013
Portugal's Government Thrust Into Turmoil
Wall Street Journal 07/03/2013
Lisbon Cabinet Shuffle Buoys Junior Coalition Party Leader
Wall Street Journal 07/08/2013
Portugalâs President Calls for Early Elections
New York Times 07/11/2013
Herdade de Manantiz olive farm business in Portugal- shifting to exports
08/28/2013
A olive farm business on 529 acres in the Alentejo region of Portugal is one of many businesses in Portugal that are increasing exports. Exports have increased to 40% of GDP compared to 29% in 2009 as Portugal boosts competitiveness and looks for new markets. Minder of the NYT talks to members of the Alameida family who have invested to expand the cultivation of galega olives and found a new export market in Brazil.
Grouped Articles
After a Recession in Portugal, the Tiny Green Fruits of Success
New York Times 08/28/2013
Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival.
New York Times 07/22/2018
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