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What Is The Success Of Portugal's Economic Adjustment Program?

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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 …show more content…

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

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