The Portuguese economy was one of the key fault lines of the eurozone (EZ) crisis, with the country requesting bailout loans with strict conditionality from the EU and IMF in April 2011 as well as undergoing a programme of economic and financial adjustment between May 2011 and February 2014. This programme was monitored by a troika comprising the ECB, EC and IMF and involving the standard orthodox combination of austerity, privatisation and deregulation. It triggered a severe recession (real GDP fell by 7% between 2010 and 2013), a massive increase in ...
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