Mon February 20, 2012

Portugal Plays By The Rules, But Economy Slumps

Originally published on Tue February 21, 2012 9:25 am

A once-bustling vegetable market in Lisbon is now beyond the reach of many Portuguese — a sign of their country's economic problems.
Sylvia Poggioli NPR

The eurozone crisis has focused attention on debt-burdened Greece spiraling into decline. Meanwhile, Portugal is seen as the international creditors' poster-child for obediently slashing spending and welfare benefits.

Nevertheless, the Portuguese national debt continues to grow, and the country is mired in recession and soaring unemployment.

The Portuguese national character has long been identified with Fado music. Raquel Freire, an activist with the local Occupy movement, says the melancholy style helps explain decades of resignation.

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Wed November 24, 2010

Portugal May Be Next To Need EU Rescue Package

Striking unions in Portugal are protesting the government's austerity measures. Parliament is expected to vote on the plan Friday. Portugal is one of the European countries facing massive problems caused by its national debt. Many Portuguese are angered by the government's plans to freeze pensions and cut the wages of civil servants by five percent.