Portugal's Plight: The Role of Social Democracy

Portugal has never quite managed to regain the influence it once had on the international economic scene when it parlayed Vasco da Gama's discovery of the sea route to India into a global trading empire. Yet by late 2010 the small Iberian nation had come to be seen around the world as a crucial...

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Bibliographic Details
Published in:The independent review (Oakland, Calif.) Calif.), 2012-01, Vol.16 (3), p.325-349
Main Author: Bragues, George
Format: Article
Language:English
Subjects:
Analysis
Democracy
Economic aspects
Economic conditions
Economic growth rate
Economics
Empires
European Union
Finance
Greece
Gross domestic product
IMF
International financial institutions
Ireland
Political parties
Political revolutions
Portugal
Prediction
Real gross domestic product
Social aspects
Social Democracy
Spain
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Summary:Portugal has never quite managed to regain the influence it once had on the international economic scene when it parlayed Vasco da Gama's discovery of the sea route to India into a global trading empire. Yet by late 2010 the small Iberian nation had come to be seen around the world as a crucial corridor through which, if the so-called bond vigilantes were to pass, the euro sovereign debt crisis would imperil Spain, a much bigger economy whose distress might spell the end of European currency union. If the trouble plaguing the euro zone were ever going to stop, many had come to the conclusion that it had to do so in Portugal. By the spring of 2011, that prediction was being put to the test as Portugal was compelled to follow Greece and Ireland in seeking to tap the Eu750 billion European Union (EU) and International Monetary Fund (IMF) bailout fund. The immediate cause of the country's arrival at this unenviable position was escalating interest costs. Adapted from the source document.
ISSN:1086-1653
2169-3420