with 3-year maturity. On January 2013, Portugal issued a 5-year maturity bond series, and in May 7, 2013 it successfully issued a 10-year maturity bond series, regaining total access to lending markets.
The complete return to the international capital markets was a remarkable achievement and a big turning point, and in May 18, 2014 Prime Minister Passos Coelho officially announced Portugal’s fully exit from a three-year bailout programme, regaining its financial and economic autonomy and control. Portugal was the second Eurozone country, after Ireland in December 2013, to leave an international financial rescue programme. On March 18, 2014, at a news conference at the Chancellery in Berlin, after a bilateral meeting with the Portuguese
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Between the period 2011 and 2104, it is estimated that more than 485.000 workers emigrated, the highest number in more than five decades, being most of them young and highly qualified, such as doctors, nurses, and scientists. These negative impacts on the Portuguese growth led to a growing political and popular hostility to austerity. Many believed that all of the austerity measures only led to unemployment, job insecurity, and consequently poverty. Under those circumstances, the future of the European project became under scrutiny and many began to question if Portugal should leave the euro and the European Union. One person who questioned that, was 2001 Nobel Prize in Economics, Joseph Stiglitz. The US economist and Columbia University Professor advised Portugal to leave the euro and in an interview with Portugal's Antena 1 radio station on 05 Sep, 2016, when asked “Then Portugal must have a plan to exit the euro?”, Dr. Stiglitz said, “Yes, I think that Europe as a whole should start thinking about an amicable divorce with some countries think of ways to deal with the output”, continuing by stating that, “The costs were enormous. Emigration. I have friends in Portugal who saw the children go to Australia, Canada, USA and are unhappy because they do not see the children. What this does to families, the economy... means that the future growth of Portugal is at risk, we are not just
How successful were the national governments in bringing economic recovery in Britain in the years 1931-1939?
Most major emigrations are caused by some kind of collapse, whether it is economic collapse or collapse of
The New Economic Policy (NEP) was a measure implemented in order to counter the arguably disastrous effects War Communism. The New Economic is controversial. Some historians argue it allowed the Soviet economy to solidify and begin to recover, and also allowed the Bolsheviks to retain control over Russia. Others, like Orlando Figes, state it was ultimately a failure, arguing that under the NEP the peasants grew away from the Bolshevik regime, inviting a future, and brutal, reassertion of central control.s This essay will discuss the effectiveness of the NEP economically and politically as well as outlining War Communism and why it failed
In the year of 1929 the stock market crashed and hurt many of the people in America as it continued through the rest of the 1930s and into the early 1940s. This left America in a whirlpool of poverty and despair. When the stock market crashed it led to The Great Depression. It led to being where one out of every four workers became unemployed no matter if they were skilled or not. People became homeless and were struggling to survive. They had to make new homes out of cardboard or whatever they could find, these were called “hoovervilles.” Most people didn’t have enough money to buy food to feed themselves or even their families. President Herbert Hoover did not seem to be going out of his way to help the country in any way. He was against most forms of government relief and he believed that the depression would come to an end on its own. Americans were very tired and frustrated with Hoover’s ways and so they elected a new president. They elected Franklin D. Roosevelt who
The money also played a bigger role in the stabilization of Europe’s economy- people returning home were buying land, houses, and shops. (Wyman, 195) These new immigrants had a different mindset than their predecessors, this what allowed them to return home more easily than
The reason behind this is that migration of highly skilled professionals in pursuit of better opportunities is a growing concern in the present world (Watts, 2002). There are questions that arise from such situations including the reasons that prompt such professionals to leave their countries and the consequences of immigration especially on the sector of social productivity (Zweig & Changgui, 2013). Additionally, there is also a concern regarding the policies that should be put in place to monitor the immigration of professionals into the United
to live on. As inflation rises and wages drop, a gigantic worker migration heads West in
The global mobility of human resources between countries is a key driving force of the currently ongoing economic and regional development all over the world. It is indisputable that the immigration of international labour force would exert many positive and important impacts on the economic, cultural and social structure of both migrant-receiving and migrant-sending countries. Actually, the trend of temporary and permanent immigrants increasing in some western countries began to gain momentum in recent years. Organization for Economic Cooperation Development (OECD 2004) reports indicated that there were more than 1 million new immigrants in the United States in 2001 and 2002, increased by 25% from 2000; in some European countries
To what extent was the New Deal a success? What were its successes and failures?
Portugal’s population is 10.7 million. Their unemployment rate is currently at 15.9%. Portugal is currently in a deep recession. In May 2011, Portugal accepted a €78billion (euro), $103billion (dollar), united European Union-International Monetary Fund plan. Portugal’s
The majority of those who have a reasonably satisfactory understanding of the welfare state will agree that the definition entails; a nation whereby the government undertake appropriate action to ensure the provision of social goods and benefits. These welfare programs are usually provided at public expense with little or no cost to the recipient of the services. Policy prescriptions advanced by proponents of the welfare state emphasise securing a minimum standard of living for all of the population where no one is denied an essential service which might be available to others. This includes the production of social goods and services, the control of the business cycle and the manipulation of total output to allow for social costs
The European sovereign debt crisis started in 2008, with the collapse of Iceland's banking system, and spread primarily to Greece, Ireland and Portugal during 2009. The debt crisis led to a crisis of confidence for European
I am researching the economy of Brazil. The definition of economy: The Management of the income, expenditures, etc of a household, business, community, or government. Careful management of wealth, resources, etc; avoidance of waste by careful planning use; thrift or thrifty use. (1) The system or range of economic activity in a country, region, or community. (2)
* Migration – greater availability of skilled foreigners, however the UK is cutting more jobs for non-EU workers who would be cheaper. [16]
The European Debt Crisis often referred to as the Eurozone Crisis, struck the European Union at the end of 2009.