Travel Reference
In-Depth Information
Portugal Today
Since the global financial crisis of 2008 Portugal's economy has been in freefall, with a
shrinking GDP and surging unemployment, which reached 18% in 2013. The govern-
ment's response - cutting public spending and other austerity measures - has not
gone down well, with mass protests erupting across the nation. It's not all bad news
though: Portugal is reaping the benefits of its investments in green energy and tour-
ism is on the rise.
Economic Crisis
Portugal's economy wasn't particularly strong
in the years before the economic crisis, making
the downturn all the more destructive: GDP
growth has averaged just 1% annually over the
past decade. Placed into the economically fail-
ing eurozone nations known as PIIGS (repres-
enting Portugal, Italy, Ireland, Greece and
Spain), in 2011 Portugal - in dire financial
straits - accepted an EU bailout worth €78 bil-
lion.
The younger generation has born the heav-
iest toll from the crisis, with unemployment
above 40% for workers under the age of 25. In
addition to this, there are the underemployed
and those scraping by on meagre wages; in
Portugal, the minimum wage is €566 per
month, less than half that of the UK or France.
Best in Film
A Lisbon Story
(1994) Wim Wenders' love let-
ter to Lisbon.
Letters from Fontainhas
(1997-2006) Pedro
Costa's art-house trilogy set in Lisbon.
Capitães de Abril
(
Captains of April
; 2000)
Overview of the 1974 Carnation Revolution.
Best in Print
The Inquisitor's Manual
(António Lobo An-
tunes; 1996) Story about life under Salazar.
Baltasar & Blimunda
(José Saramago; 1982)
Darkly comic 18th-century love story.
The topic of Disquietude
(Fernando Pessoa;
1982) Literary masterpiece by Portugal's
greatest poet.
Best Albums
Fado em Mim
(2002) Mesmerising fado album
by the legendary Mariza.
Art of Amália
(1998) Compilation by one of
fado's greats.
Best of Rui Veloso
(2000) Portugal's legendary
rock-balladeer.
Mass Demonstrations & Protests
The EU bailout came with the stipulation that
Portugal improve its budget deficit by reducing
spending and increasing tax revenues. Auster-
ity measures followed and the public took to the streets to protest against higher taxes,
slashed pensions and benefits, coupled with record-high unemployment. Mass demonstra-
