Portugal: Country Risk Analysis

8/3/2019 Portugal: Country Risk Analysis

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INTRODUCTION

Portugal officially the Portuguese Republic is a country located in southwestern

Europe on the Iberian Peninsula. Portugal is the westernmost country of

Europe and is bordered by the Atlantic Ocean to the west and south and bySpain to the north and east. The Atlantic archipelagos of the Azores andMadeira are also part of Portugal.

GDP: 232.3 Billion ($223,300,000,000)

GDP - Per Capita (PPP): $21,800 (2007 Est.)

Population:

10,707,924 (July 2009 est.)(also 2010)

country comparison to the world: 76

GDP (purchasing power parity):

$232.2 billion (2009 est.)


$240.2 billion (2008 est.)

$240.2 billion (2007 est.)

note: data are in 2009 US dollars

GDP (official exchange rate):

$219.8 billion (2009 est.)

GDP - real growth rate:

-3.3% (2009 est.)


0% (2008 est.)

1.9% (2007 est.)
http://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Iberian_Peninsulahttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Atlantic_Oceanhttp://en.wikipedia.org/wiki/Spainhttp://en.wikipedia.org/wiki/Archipelagohttp://en.wikipedia.org/wiki/Azores_Islandshttp://en.wikipedia.org/wiki/Madeirahttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2119https://www.cia.gov/library/publications/the-world-factbook/rankorder/2119rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=76#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2001https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=50#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2195https://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2003https://www.cia.gov/library/publications/the-world-factbook/rankorder/2003rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=168#pohttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Iberian_Peninsulahttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Atlantic_Oceanhttp://en.wikipedia.org/wiki/Spainhttp://en.wikipedia.org/wiki/Archipelagohttp://en.wikipedia.org/wiki/Azores_Islandshttp://en.wikipedia.org/wiki/Madeirahttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2119https://www.cia.gov/library/publications/the-world-factbook/rankorder/2119rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=76#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2001https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=50#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2195https://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2003https://www.cia.gov/library/publications/the-world-factbook/rankorder/2003rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=168#po


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GDP - per capita (PPP):

$21,700 (2009 est.)


$22,500 (2008 est.)

$22,600 (2007 est.)

note: data are in 2009 US dollars

GDP - composition by sector:

agriculture: 2.9%

industry: 24.4%

services: 72.8% (2009 est.)

Inflation rate (consumer prices):

-0.9% (2009 est.)


2.6% (2008 est.)

Age structure:

0-14 years: 16.3% (male 912,147/female 834,941)

15-64 years: 66.1% (male 3,525,717/female 3,554,513)

65 years and over: 17.6% (male 772,413/female 1,108,193) (2009 est.)

Population growth rate:

0.275% (2009 est.)


Birth rate:

10.29 births/1,000 population (2009 est.)


Death rate:

10.68 deaths/1,000 population (July 2009 est.)

https://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2004https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=56#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2012https://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2092https://www.cia.gov/library/publications/the-world-factbook/rankorder/2092rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=7#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2010https://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2002https://www.cia.gov/library/publications/the-world-factbook/rankorder/2002rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=178#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2054https://www.cia.gov/library/publications/the-world-factbook/rankorder/2054rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=191#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2066https://www.cia.gov/library/publications/the-world-factbook/rankorder/2066rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=51#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2004https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=56#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2012https://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2092https://www.cia.gov/library/publications/the-world-factbook/rankorder/2092rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=7#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2010https://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2002https://www.cia.gov/library/publications/the-world-factbook/rankorder/2002rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=178#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2054https://www.cia.gov/library/publications/the-world-factbook/rankorder/2054rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=191#pohttps://www.cia.gov/library/publications/the-world-factbook/docs/notesanddefs.html?countryName=Portugal&countryCode=po&regionCode=eu#2066https://www.cia.gov/library/publications/the-world-factbook/rankorder/2066rank.html?countryName=Portugal&countryCode=po&regionCode=eu&rank=51#po


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Inflation:

The inflation rate in Portugal was 0.20 percent in February of 2010.Inflation rate refers to a general rise in prices measured against a standard levelof purchasing power. The most well known measures of Inflation are the CPIwhich measures consumer prices, and the GDP deflator, which measuresinflation in the whole of the domestic economy. This page includes: PortugalInflation Rate chart, historical data and news.

Country Interest Rate Growth Rate Inflation Rate Jobless Rate Current Account Exchange Rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


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2010 0.10 0.20

2009 0.20 0.20 -0.40 -0.50 -1.20 -1.60 -1.50 -1.30 -1.60 -1.50 -0.60 -0.10

2008 2.80 2.90 3.10 2.50 2.80 3.40 3.10 3.00 3.10 2.40 1.30 0.80

2007 2.60 2.40 2.30 2.70 2.50 2.40 2.30 2.10 2.10 2.50 2.80 2.70

* The table above displays the monthly average.

Manufacturing and construction together accounted for 29% of Portugal's GDP in2001. The largest industries are clothing, textiles, footwear, and food processing,wood pulp, paper, and cork; metal working; oil refining; chemicals; fish canning;wine and tourism. Agriculture, forestry, hunting and fishing employed 12.5% ofthe work force in 2000 (down from 26.2% in 1971) but contributed about 4% ofthe GDP. The percent of the labor force in services rose from 39% in 1971 to

52.4% in 2000, accounting for about 65% of GDP. Traditionally, productivity hasbeen hampered by low investment and a lack of machinery and fertilizers. Theeconomy has experienced robust growth since 1993, however, primarily due toincreased investment and domestic consumption, both in turn traceable toadvantages Portugal has gained through its entry into the European Communityin 1986. In 1986, Portuguese income was about 52% of the EU average; by 2002,GDP per capita on a purchasing power parity basis had risen to over 70% of theEU average.

From the end of 1973 through 1983, the energy crisis and insufficient liquidityjeopardized economic growth, which dropped still further following the overthrowof the Caetano regime in April 1974. GNP growth in 1974 fell to 2.3% from8.1%in the previous year. The decline was caused by a sharp drop in new offers ofinvestment and credit from abroad (investors feared rising Communist influenceand government takeovers of private firms), coupled with a decline in tourismand a massive increase in unemployment primarily resulting from the return ofPortuguese settlers and soldiers from newly independent Angola. During the late1970s, Portugal adopted an austerity program and succeeded in loweringinflation to 16.6% and increasing GDP growth to 5.5% in 1980. However, adverseinterest and exchange rates and a severe drought during 198081 resulted in aresurgence of inflation (an estimated 22.5% in 1982) and sluggish economic

growth (1.7% in 1981 and 2% in 1982).

In mid-1983, the Soares government implemented an IMF stabilization plan ofdrastic internal tightening, which brought steady economic improvement. Thepersistent current-account deficits ended in 1985, partially as a result of thedecline in world oil prices and entry into the EC. The Silva government'seconomic liberalization emphasized competitiveness and accountability. From1987 to 1999 Portugal was the net recipient of financial inflow from the EU ofabout $27 billion, most disbursed through the European Regional DevelopmentFund. The money was spent on infrastructural improvements, most notably the

highway system. Through the 1990s, until the beginning of 2001, Portugalenjoyed strong economic growth generally above the EU average. The economy


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grew 4.2% in 1998, at 3.1% in 1999, and at 3.3% in 2000. Unemploymentremains was at 5% in 1998, but then dropped to 4.5% in 1999 and then to 4% in2000. Even as the growth slowed to 2.2% in 2001, unemployment in Portugalremained below most of its neighbors. at 4.2%. In 2002, growth is estimated tohave slowed to 0.8% and unemployment increased to 4.7%. Inflation in Portugal

has been moderate but growing, increasing from 2.4% in 1998 to 4.6% in 2000.Consumer prices rose 4.4% in 2002 and about 3.7% in 2002. The Socialistgovernment pledged its dedication both to meeting the Maastricht monetaryconvergence criteria and to increasing social spending, including provision of aguaranteed minimum income. This policy bore fruit when Portugal qualified forthe first round of entry into the European Monetary Union (EMU) in 1999. As of

January 2002, the euro became Portugal's only official currency. Thegovernment's privatization program reduced the public sector for 7.5% of GDPand 2.6% of employment by the end of 1999 from 19.7% of GDP and 5.5% ofemployment in 1988.

CORRUPTION:

Portugal is often considered an example of successful democratic consolidation. Yet it has not been exempt from corruption scandals. By the mid-1990s,transparency and the moralisation of political life had come to dominateparliamentary debates and reforms. The illegality surrounding party life must be

seen against the background of dominant ethical standards in society. Votersappear tolerant of the unethical behaviour of political leaders, while parties aregradually becoming less responsive to their electorate. Representation anddelegation rely more on tacit consent than on voice, thus encouragingcomplacency over corruption.

Increasing concern about corruption since the 1980s in many Western Europeandemocracies must be understood with reference to the nature and activity ofpolitical parties. Party financing, in particular, has opened many opportunities forcorruption. Some features of party life have helped illegality to expand -- such as

clientelism, patronage and gerrymandering -- while some other developmentshave mitigated against it, notably the decline in electoral fraud and coercivetactics of voting, which are now associated with only a few local party bosses inrural and suburban areas. Contrary to developments in other southern Europeandemocracies, the Portuguese political class and the citizens have remainedlargely unmoved by the growing illegality surrounding party and electoralfinancing. The extension of illicit party financing in Portugal is not substantiallydifferent from that revealed elsewhere in Europe. But it is more tolerated. Sincethe early 1990s, legislative reforms have been undertaken to improve transparency in public life, but the inadequacy of the controls that have been

established shows that the political class has not yet developed a serious resolveto address the issue.


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When one tries to assess the extent to which parties have been central to theexpansion of corruption in Portugal, the link may, at first, appear weak. Thereasons are twofold: on the one hand, most illicit party activities are not includedin criminal statistics; on the other, most media allegations have failed toestablish a close connection between corruption and the illicit financing of

political parties and electoral campaigns. Certainly, not all forms of corruptionduring the last two decades have resulted directly or indirectly from party life.However, the systemic nature of today's corruption has to be understood withreference to the illicit mechanisms that parties have developed to finance theiractivities.

PARTIES, FINANCE AND THE STATE

Several factors are central to the understanding of party-related corruption: thenature of Portuguese political parties, both in terms of their organisationalstructures and recruitment; their growing financial difficulties; and the wayparties operate within the state.

What Kind of Parties?

With the exception of the Communist Party (PCP), all Portuguese parties arepost-1974 creations. The PCP was created in 1921, forced to go underground fiveyears later and remained clandestine 'for 48 years, as long as authoritarianismlasted in Portugal. The PCP played a key role in the Revolution of 1974, whichhelped the party to become a major player in the present party system. In theaftermath of the Revolution, the PCP was able to build an extensive and solidorganisation, superior to that of its adversaries, in terms of both material andhuman resources. [1] The PCP boasts the largest and territorially most developedparty machine. The running of such a large party structure, payments of wagesand pensions to permanent party activists, the need to maintain equipment andparty branches, and the intensity of its electoral campaigns, proved an

unsustainable financial burden on a party experiencing declining membership.

By contrast, the Socialist Party (PS) has never been able to develop a massorganisational structure and levels of affiliation similar to other European socialdemocratic parties. Its core is dominated by liberal-left, well-educated, bourgeoisnotables, and its decentralised organisational structure shows little co-ordinationbetween the national headquarters and local branches.

The Social Democratic Party (PSD) is often labelled 'the most Portuguese of allparties'. The designation is not too inaccurate in the sense that it is a catch-all

party, including representatives from the moderate left to the liberal andconservative right, from the rural to the urban middle classes, and from Catholic


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to secular sections of society. The two major identifying elements cutting acrossthe social diversity of its electorate are a common hostility towards the state andits administration and a general sympathy for market rules. Like the Socialists,the PSD has a weak and flexible organisational structure, allowing greatautonomy to local branches.

Finally, the Popular Party (CDS-PP) is essentially a party of notables, and hasnever been able to transform itself into a catch-all party of the right, as it set outto do in its earlier years of existence. Its resources are less plentiful than those ofits adversaries. The party is continuously embroiled in leadership quarrels, andthis is reflected in its changing electoral positioning. Thus, the party has swungfrom a Christian democrat to a liberal-conservative appeal, and sometimes to a'populist' appeal, depending on its changing leadership. This often led the PP toenter short-lived tactical coalitions with the two major parties -- the PS and thePSD -- but the party's small electorate did not allow it to gain a pivotal position in

government formation.What Kind of Leaders?

With the exception of the Communists, who have traditionally recruited theircadres from dedicated activists, party leaderships are not representative of theirelectoral bases. Parties remain 'different arrangements of personalities', [2]attracting a multitude of interests and clienteles important to electoral success.

This persisting feature in the recruitment of party elites has been central to partycorruption in Portugal. Given the increasingly technical nature of legislative andregulatory processes, parties have increasingly felt the need to recruit personnel

known for their professional expertise and first hand experience. [3] Theproliferation of new party technocrats, appointed to senior positions andministerial cabinets under a weak regime of incompatibilities inflictedconsiderable damage on an administration facing a difficult road tomodernisation by reducing its capacity to check upon executive rule. Moreover,the newly appointed personnel have also become important inside mediatorsbetween pa rty and client interests and important fund raisers -- public officebeing no less than la place ideal des affaires. [4] Privatisation, the creation ofnew administrative establishments, notably public/private hybrids, such asfoundations, institutes and agencies, and the growing regulatory functions of the

state went hand-in-hand with the recruitment of people noted for their'entrepreneurial capacity'. In a context where conflicts of interest were largelyignored, the opportunities for personal and party enrichment grew apace.

Another feature common to all parties, with the exception of the Communists, isthe continuous association of party leaderships with senior officials from thecorporatist regime, who have been able to preserve and further their politicalcareers in different parties. These 'backbenchers' were central to the re-emergence of the clientelistic networks that proliferated during Caetano'stechnocrat interlude. But they were equally significant in accommodating thenew arrivistes to an attitude of laxity towards conflicts of interest, whichpredominates in the Portuguese political and administrative culture. In short,


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political parties acquired the reputation of being mechanisms allowing rapaciouspoliticians to accede to office and subsequent wealth. As Rogow and Lasswell putit, 'If the membership of an institution does not collectively enforce rectitudestandards, the tendency toward individual corruption is increased'. [5]

Increased Political Costs

The financial difficulties parties were facing by the late 1980s had largely to dowith an increase in political costs. The maintenance of party offices, paid partyofficials and information activities contributed to an increase in politicalspending; but elections, in particular, caused a rise in expenditure. Althoughpolitical parties enjoyed free access to public television and radio channels,increased American-style campaigning, with extensive use of private media,growing reliance on firms specialising in political marketing and campaigning,and the proliferation of elections at local and European levels, explain much ofthe growing party debts of the early 1990s. Conversely, membership fees, thecore legal source of financing, were declining, even though the parties tended toconceal the exact figures, fearing a possible disclosure of their illicit practices. Inthe absence of an internal auditing of their accounts, political parties tended tooverstate membership revenues. A large part of declared mem bership feescame from members that never existed. The PCP internal accounts, for example,showed that membership fees gradually contributed less to the total revenuethan publicly stated. [6] Fund-raising activities, such as the annual Festa doAvante, could not cover the spiralling costs of electoral campaigns.

It was against this background that the parties gradually sought alternative and

clandestine ways of financing their activities. The mechanisms of illicit party andelection financing varied according to the roles played by different parties in thecentral administration, their organisational nature and territorial representation.Both the Socialists and Social Democrats, who held office for long periods andwere able to place their members strategically in the central administration,profited considerably from public financial instruments and public and semipubliccompanies. By contrast, the exclusion of the.

Attracting FDI to PortugalLet me continue the discussion initiated by Pedro Pita Barros and Susana Peralta:How can we attract FDI flows into Portugal?I think Pedro is spot on. We can split the factors driving FDI flows into two maincategories: (i) factors affecting the productivity of capital, and (ii) factorsaffecting the return to foreign investors. In (i) we have the factors both Pedroand Susana mentioned, such as human capital, infrastructure, and possiblyagglomeration economies. In (ii) we have, in addition to taxes and subsidies, thefundamental issue of investor protection. That is, the laws that protect outsideinvestors' interests against explicit or implicit expropriation of their returns by

firm insiders (e.g. managers), and the enforcement of those laws. Even when theproductivity of capital is high, and even when the right government incentives
http://theportugueseeconomy.blogspot.com/2010/03/attracting-fdi-to-portugal.htmlhttp://theportugueseeconomy.blogspot.com/2010/03/attracting-fdi-to-portugal.html


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are in place to attract FDI, FDI might not come at all if the institutions are weak.This can happen because the actual return to capital, as perceived by foreigninvestors once the institutional framework is factored in, may be quite low. Mythoughts on this are very influenced by a study on the Portuguese economy Iconducted recently with my co-author and good friend Gian Luca Clementi ("The

economic effects of improving investor rights in Portugal"; free access here;sorry for the publicity!).Portugal has made a lot of progress since joining the EU regarding corporategovernance and investor protection laws. We still have very poor lawenforcement though, particularly the judicial system. Reforming the judicialsystem must be a top priority if Portugal is to further attract foreign capital

Culture of Portugal


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A 19th century Portuguese couple with typical rural clothes from Minhoprovince, in a Singer sewing machine advertisement card, distributed atWorld Columbian Exposition, Chicago, 1893.

The culture of Portugal is the result of a complex flow of differentcivilizations during the past millenia. From prehistoric cultures, to its Pre-

Roman civilizations (such as the Lusitanians, the Gallaeci, the Celtici, andthe Cynetes, amongst others), passing through its contacts with thePhoenician-Carthaginian world, the Romanperiod (see Hispania, Lusitaniaand Gallaecia), the Germanicinvasions and consequent settlement of theSuevi and Buri (see Suebic Kingdom of Galicia) and the Visigoth (seeVisigothic Kingdom), and, finally, the Moorish Umayyad invasion ofHispania and the subsequent Reconquista, all have made an imprint onthe country's culture and history.

Architecture

Jeronimos Monastery is Portugal's best example of its Manuelinearchitecture.Main article: Architecture of Portugal

Since the 2nd millennium BC, there has been important construction inthe area where Portugal is situated today. Portugal boasts several scoresof medieval castles, as well as the ruins of several villas and forts from theperiod of Roman occupation. Modern Portuguese architecture follow the
http://en.wikipedia.org/wiki/Portuguese_peoplehttp://en.wikipedia.org/wiki/Minho_(province)http://en.wikipedia.org/wiki/Minho_(province)http://en.wikipedia.org/wiki/Singer_sewing_machinehttp://en.wikipedia.org/wiki/World_Columbian_Exposition,_Chicagohttp://en.wikipedia.org/wiki/Civilizationhttp://en.wikipedia.org/wiki/Prehistoric_Iberiahttp://en.wikipedia.org/wiki/Pre-Roman_peoples_of_the_Iberian_Peninsulahttp://en.wikipedia.org/wiki/Pre-Roman_peoples_of_the_Iberian_Peninsulahttp://en.wikipedia.org/wiki/Lusitanianshttp://en.wikipedia.org/wiki/Gallaecihttp://en.wikipedia.org/wiki/Celticihttp://en.wikipedia.org/wiki/Cyneteshttp://en.wikipedia.org/wiki/Phoeniciahttp://en.wikipedia.org/wiki/Carthagehttp://en.wikipedia.org/wiki/Roman_Empirehttp://en.wikipedia.org/wiki/Roman_conquest_of_Hispaniahttp://en.wikipedia.org/wiki/Hispaniahttp://en.wikipedia.org/wiki/Lusitaniahttp://en.wikipedia.org/wiki/Gallaeciahttp://en.wikipedia.org/wiki/Germanic_tribeshttp://en.wikipedia.org/wiki/Migration_Periodhttp://en.wikipedia.org/wiki/Suevihttp://en.wikipedia.org/wiki/Buri_(Germanic_tribe)http://en.wikipedia.org/wiki/Suebic_Kingdom_of_Galiciahttp://en.wikipedia.org/wiki/Visigothhttp://en.wikipedia.org/wiki/Visigothic_Kingdomhttp://en.wikipedia.org/wiki/Moorshttp://en.wikipedia.org/wiki/Umayyad_invasion_of_Hispaniahttp://en.wikipedia.org/wiki/Umayyad_invasion_of_Hispaniahttp://en.wikipedia.org/wiki/Reconquistahttp://en.wikipedia.org/wiki/Jeronimos_Monasteryhttp://en.wikipedia.org/wiki/Manuelinehttp://en.wikipedia.org/wiki/Architecture_of_Portugalhttp://en.wikipedia.org/wiki/File:Jeronimos_Monastery.jpghttp://en.wikipedia.org/wiki/File:Um_casal_de_Viana_%28Portugal%29.jpghttp://en.wikipedia.org/wiki/Portuguese_peoplehttp://en.wikipedia.org/wiki/Minho_(province)http://en.wikipedia.org/wiki/Minho_(province)http://en.wikipedia.org/wiki/Singer_sewing_machinehttp://en.wikipedia.org/wiki/World_Columbian_Exposition,_Chicagohttp://en.wikipedia.org/wiki/Civilizationhttp://en.wikipedia.org/wiki/Prehistoric_Iberiahttp://en.wikipedia.org/wiki/Pre-Roman_peoples_of_the_Iberian_Peninsulahttp://en.wikipedia.org/wiki/Pre-Roman_peoples_of_the_Iberian_Peninsulahttp://en.wikipedia.org/wiki/Lusitanianshttp://en.wikipedia.org/wiki/Gallaecihttp://en.wikipedia.org/wiki/Celticihttp://en.wikipedia.org/wiki/Cyneteshttp://en.wikipedia.org/wiki/Phoeniciahttp://en.wikipedia.org/wiki/Carthagehttp://en.wikipedia.org/wiki/Roman_Empirehttp://en.wikipedia.org/wiki/Roman_conquest_of_Hispaniahttp://en.wikipedia.org/wiki/Hispaniahttp://en.wikipedia.org/wiki/Lusitaniahttp://en.wikipedia.org/wiki/Gallaeciahttp://en.wikipedia.org/wiki/Germanic_tribeshttp://en.wikipedia.org/wiki/Migration_Periodhttp://en.wikipedia.org/wiki/Suevihttp://en.wikipedia.org/wiki/Buri_(Germanic_tribe)http://en.wikipedia.org/wiki/Suebic_Kingdom_of_Galiciahttp://en.wikipedia.org/wiki/Visigothhttp://en.wikipedia.org/wiki/Visigothic_Kingdomhttp://en.wikipedia.org/wiki/Moorshttp://en.wikipedia.org/wiki/Umayyad_invasion_of_Hispaniahttp://en.wikipedia.org/wiki/Umayyad_invasion_of_Hispaniahttp://en.wikipedia.org/wiki/Reconquistahttp://en.wikipedia.org/wiki/Jeronimos_Monasteryhttp://en.wikipedia.org/wiki/Manuelinehttp://en.wikipedia.org/wiki/Architecture_of_Portugal


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most advanced trends seen in European mainstream architecture with noconstraints, though preserving some of its singular characteristics. Theazulejo, and the Portuguese pavement are two typical elements ofPortuguese-style architecture. Portugal is perhaps best known for itsdistinctive Manueline architecture with its rich, intricate designs attributed

to Portugal's Age of Discoveries.

Dance

Folk dances include: Circle dance, Fandango (of the Ribatejo region),TwoSteps Waltz, Schottische (Chotia), Corridinho (of the Algarve andEstremadura regions), Vira (of the Minho region), Bailarico, Vareirinha,Malho, Vareira, Maneio, Vira de Cruz, Vira Solto, Vira de Macieira,Sapatinho, Tau-Tau, Ciranda, Z que Fumas, Regadinho, O Pedreiro and Ti Tirititi. There are also variations of these dances called the Xama-Rita in

the Azores. Dance apparel is highly varied, ranging from work clothes tothe Sunday best, with rich distinguished from the poor.

Cinema

In the 1990s around 10 full length fictional works were produced perannum, Portugal's filmmakers tending to be artisans. Financing ofPortuguese cinema is by state grants and from television stations. Theinternal market is very small and Portuguese penetration of internationalmarkets is fairly precarious. A film is considered a success when it draws

an audience of more than 150.000, which few Portuguese films manage toachieve.

Director Manoel de Oliveira is the oldest director in the world, andcontinues to make films at the age of 100. Since 1990 has made anaverage of one film per annum. He has received international recognitionawards and won the respect of the cinematography community all overthe world. Retrospectives of his works have been shown at the LosAngeles Film Festival (1992), the National Gallery of Art in Washington DC(1993), the San Francisco Film Festival and the Cleveland Museum of Art(1994). Despite his international recognition, the films of Oliveira (and that

of other Portuguese directors) are neglected locally.

Comedy

A Cano de Lisboa: (lit. Lisbon Song) is a Portuguese film comedy from1933, directed by Jos Cottinelli Telmo, and starring Vasco Santana andBeatriz Costa. Manoel de Oliveira had a minor role in this film. It was thesecond Portuguese sound feature film (the first was A Severa, a 1931documentary by Manoel de Oliveira, was originally filmed withoutsoundtrack, which was added afterwards), and still is one of the best loved

films in Portugal. Several of its lines and songs are still quoted today!
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O Pai Tirano: (lit. The Tyrant Father) is a Portuguese film comedy from1941, directed by Antnio Lopes Ribeiro, starring Vasco Santana,Francisco Ribeiro and Leonor Maia. Its one of the best known comedies ofthe Golden Age of Portuguese Cinema. Still popular six decades after itsrelease.

Recent films

O Crime do Padre Amaro: (lit. The Crime of Father Amaro) is a Portuguesefilm (2005) adapted from a book of Ea de Queiroz, directed by CarlosCoelho da Silva. This was a low quality production sponsored bySociedade Independente de Comunicao (television channel). Even sothis film beat all the records of box- office of all the Portuguese films inPortugal. The main characters are Jorge Corrula as Padre Amaro andSoraia Chaves as Amlia, and the main ingredients of this film are the sex

and the nudity.Zona J: is a Portuguese drama/romance film directed by Leonel Vieira in1998, starring Slvia Alberto as Ftima, Ana Bustorffas Conceio.

Sorte Nula: (lit. The Trunk) directed by Fernando Fragata, starring HelderMendes, Antnio Feio, Adelaide de Sousa, Rui Unas, Isabel Figueira, BrunoNogueira, Carla Matadinho, Tnia Miller and Z Pedro.

Meu Querido Ms de Agosto is a documentary film that achieved somevisibility at the Cannes Film Festival.

Cuisine

Main article: Portuguese cuisine

A dish ofcozido portuguesa.

Food

Each region of Portugal has its traditional dishes, including various kindsof meat, seafood, fresh fish, dried and salted cod (bacalhau), and thefamous Cozido Portuguesa, a stew.

Alcoholic beverages
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Portugal is a country of wine lovers and winemakers, known since theRoman Empire-era; the Romans immediately associated Portugal with itsGod of Wine Bacchus. Today, many Portuguese wines are known as someof the world's best: Vinho do Douro, Vinho do Alentejo, Vinho do Do,Vinho Verde, and the sweet: Port Wine (Vinho do Porto, literally Porto's

wine), Madeira wine, Moscatel of Setbal and Moscatel of Favaios. Beer isalso widely consumed, with the largest national beer brands being Sagresand Super Bock. Liqueurs, like Licor Beiro and ginjinha, are popular.

Literature

Portuguese literature has developed since the 12th century from thelyrical works ofJoo Soares de Paiva and Paio Soares de Taveirs. Theywrote mostly from Portuguese oral traditions known as "cantigas de amore amigo" and "cantigas de escrnio e maldizer" which were sung by

troubadours.

Following chroniclers such as Ferno Lopes after the 14th century, fictionhas its roots in chronicles and histories with theatre following Gil Vicente,whose works was critical of the society of his time.

Classical lyrical texts include Os Lusadas, by Lus de Cames with otherauthors including Antero de Quental, Almeida Garrett and CamiloPessanha.

Portuguese writerJos Saramago.

Portuguese modernism is found in the works ofFernando Pessoa.

Following the Carnation Revolution in 1974, the Portuguese society, afterseveral decades of repression, regained freedom of speech.

Jos Saramago received the Nobel Prize for Literature in 1998.

Music

Main articles: Music of Portugal and Music history of Portugal

Portuguese musical traditions are diverse and dynamic, they reflect

multifarious historical, cultural, and political processes with influences
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from non-European cultures from both North and sub-Saharan Africa andBrazil.

Polyphonic music, employing multiple vocal parts in harmony, wasdeveloped in the 15th century. The Renaissance fostered a rich output of

compositions for solo instruments and ensembles as well as for the voice.

The 1960s started a period of expansion and innovation with pop, rockand jazz introduced and evolving, political song developed, the fado ofLisbon and the Coimbra were revitalized. Music from the former Africancolonies and Brazil occupied an increasingly important place in thecapitals musical life and local styles of rap and hip hop emerged.

Fado

A Portuguese female fado singer - Dbora Rodrigues.

Fado (translated as destiny or fate) is a music genre which can be tracedfrom the 1820s, but possibly with much earlier origins. It is characterizedby mournful tunes and lyrics, often about the sea or the life of the poor.The music is usually linked to the Portuguese word saudade, a uniqueword with no accurate translation in any other language. (Home-sicknesshas an approximate meaning. It is a kind of longing, and conveys acomplex mixture of mainly nostalgia, but also sadness, pain, happinessand love). Some enthusiasts claim that Fado's origins are a mixture of

Africanslave rhythms with the traditional music of Portuguese sailors andArabic influence.

Portuguese rock

The Portuguese rock started to be noted in 1980 with the release of Ar deRock by Rui Veloso, which was the first popular Portuguese rock song.Before that, Portugal had a vibrant underground progressive rock scene inthe 1970s. Among the numerous bands and artists which followed itsgenesis, are Xutos & Pontaps, GNR, UHF and Moonspell.

Popular music
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The 1980s and 1990s were marked by the search for a new musicaldiscourse in urban popular music, the increase, commodification andindustrialization of musical production, and the mediatization andexpansion of music consumption. The boom in Portuguese musicalproduction was accompanied by both the diversification of the musical

domains and styles produced and consumed in Portugal and theemergence of new styles which are increasingly taking the global marketinto account. The denominated Pop music uses melodies easily tomemorize, becoming very popular and commercial; its also characterizedby the amount of publicity made (through videos, magazines, appealingclothing, etc).

It is possible to note two stylistic tendencies in the popular music of the1980s and 1990s:

A musical discourse created by Portuguese musicians that isintegrated within the major international developments experiencedby commercial popular music;

A new musical style that vindicates its Portugueseness by bothdrawing upon various musical elements which musicians andaudiences alike identify as Portuguese and emphasizing thePortuguese language.

Student festivals

Festivals organised by students of several higher education institutions,

take place every year across the country, being the one held at Coimbrathe oldest and most traditional of all, copied and adapted by otheruniversities. These include the music festivals of Queima das Fitas andSemana Acadmica (Aveiro, Braga, Coimbra, Covilh, Faro, Lisbon, Porto,etc.) and Festa das Latas (Coimbra).

Summer musical festivals

Summer festivals include: Vilar de Mouros Festival, Festival Sudoeste,Rock in Rio Lisboa, Super Bock Super Rock, Festival de Paredes de Coura,Ilha do Ermal Festival, etc.

Painting
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Detail of the Saint Vincent Panels, by Nuno Gonalves.See also: List of Portuguese painters

Portuguese art was very restricted in the early years of nationality, duringthe reconquista, to a few paintings in churches, convents and palaces.

It was after the 15th century, with national borders established and withthe discoveries, that Portuguese art expanded. Some kings, like John Ialready had royal painters. It is during this century that Gothic art wasreplaced by a more humanistic and Italian-like art.

During the reign of King Alfonso V, an important Portuguese artist NunoGonalves shaped Portuguese art, leading it to gain local characteristics(Escola Nacional, National School). His influence on Portuguese artcontinued after his death. He was the royal painter for the famousRetbulo do Altar das Relquias de So Vicente in the Cathedral of Lisbon(S de Lisboa). The painting caught fire and was replaced by a Baroquestructure. Parts of his work still exist and can be found in the MuseuNacional de Arte Antiga National (Museum of Ancient Art).

Theater
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Gil Vicente, 16th century Portuguese playwright.

Portugal never developed a great Dramatic theatre tradition due primarilyto the fact that the Portuguese were more passionate about lyric orhumorous works than dramatic art. Gil Vicente is often seen has the fatherof Portuguese theatre - he was the leading Portuguese playwright in the16th century. During the 20th century, theatre found a way to reach out

to the people, specially the middle class, through what in Portugal isknown as "Revista" - a form of humorous and cartoonish theatre designedto expose and criticize social (and political) issues, but in a way thatentertains and amuses the audience.

Gil Vicente (1435-1536) is considered the first great Portugueseplaywright. Frequently called the father of Portuguese theatre, he portraysthe society of the 16th century. Anticipating the seventeenth-centuryFrench writer Santeuil's well-known phrase "castigat ridendo mores", GilVicente became famous for his satirical plays such as the "Triologia dasBarcas" ("Auto da Barca do Inferno" (1517), "Auto da Barca do Purgatrio"(1518); "Auto da Barca da Glria" (1518)). In these plays, he creates somecharacters who are representative of their social group. This results in notonly comical, but also strong critical situations. Gil Vicente also wroteother important plays such as "Auto da ndia" (1509), "Auto da Fama"(1510), and "Farsa de Ins Pereira" (1523).

Another relevant playwright of the 16th century is Antnio Ferreira (1528-1569), who wrote "A Castro" (1587), a well-known tragedy about theforbidden love between D. Pedro I and D. Ins de Castro. Antnio Ferreirais considered the father of Renaissance culture in Portugal.
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Festivities and holidays

Carnival in Portugal.

Carnival is also widely celebrated in Portugal, some traditional carnivalsdate back several centuries. Loul, Alcobaa, Mealhada, Funchal, TorresVedras, Ovar and Figueira da Foz, among several other localities, holdseveral days of festivities, with parades where social and political criticismabound, along with music and dancing in an environment of euphorya.There are some localities which preserve a more traditional carnival withtypical elements of the ancient carnival traditions of Portugal and Europe.However, several parades in most localities have adopted many elementsof the tropical Brazilian Carnival.

On January 6, Epiphany is celebrated by some families, especially in theNorth and Center, where the family gathers to eat "Bolo-Rei" (literally,King Cake, a cake made with crystallized fruits); this is also the time forthe traditional street songs - "As Janeiras" (The January ones).

Saint Martin Day, is celebrated on November 11. This day is the peak ofthree days, often with very good weather, it is known as Vero de So

Martinho ("Saint Martin summer"), the Portuguese celebrate it with jeropiga (a sweet liqueur wine) and roasted Portuguese chestnuts(castanhas assadas), and it is called Magusto.

National holidays

Date Name Remarks

January 1 Ano NovoNew Year's Day. Beginning of the year, marksthe traditional end of "holiday season".
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Tuesday,date

varies

Carnaval

Carnival. (Also called Mardi Gras). Not an officialholiday, but declared by the government as anon-working day. Very ancient festivalcelebrating the end of the winter. It gainedChristian connotations, and now marks the first

day of a period of 40 days before Easter Week(Semana Santa, Holy Week), thus also known asEntrudo.

Friday,datevaries

Sexta-Feira Santa Good Friday.

Sunday,datevaries

Pscoa

Easter. Used for family gathering to eat Po-de-L and "Folar" (an Easter cake) and Easter eggs.In the North, a sort of church membersprocessions (compasso) visits and blesses every

home with an open door, thus meaning they areCatholics. Traditionally, this is the second visit ofchildren and non-married youngsters to theirgodparents, receiving an Easter gift. The firstvisit is on Palm Sunday, 7 days before, wherechildren give flowers and palms to theirgodparents.

April 25 Dia da LiberdadeLiterally, "Freedom Day". Celebrates theCarnation Revolution, marking the end of thedictatorial regime. Event of 1974.

May 1Dia doTrabalhador Labour Day.

Thursday,datevaries

Corpo de DeusCorpus Christi. Christian feast celebrating theEucharist.

June 10

Dia de Portugal,de Cames e dasComunidadesPortuguesas

Portugal Day. Marks the date ofCames death.Cames wrote The Lusiads, Portugal's nationalepic. Event of 1580. Celebrated in many ofPortuguese communities in the United States ofAmerica, such as the Ironbound in Newark, NJ

August 15 Assuno Assumption of Mary.

October 5Implantao daRepblica

Implantation of the Republic, or Republic Day.Event of 1910.

November 1

Todos os SantosAll Saints Day. Day used for visiting deceasedrelatives.

December 1

Restaurao daIndependncia

Restoration of Independence. Event of 1640.

December 8

ImaculadaConceio

Immaculate Conception. Patron Saint of Portugalsince 1646.

Decembe

r 25

Natal Christmas Day. Celebrated in the 24th to the

25th as a family gathering to eat codfish withpotatoes and cabbage, roasted kid and turkey;
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seasonal sweets and dry fruits; drink Port wine;and share gifts.

Sports and games

Football is the most popular and practiced sport in Portugal. Footballstarted to become well known in Portugal in the final decades of the 19thcentury, brought by Portuguese students who returned from England.

The first person responsible for its implementation would have beenGuilherme Pinto Basto (according to some people, his brothers Eduardoand Frederico would have brought the first ball from England). It was hewho had the initiative to organise an exhibition of the new game, whichtook place in October 1888, and it was also him who organized the firstfootball match in January of the following year. The match, played wheretoday the Campo Pequeno bullring is located, involved opposing teamsfrom Portugal and England. The Portuguese won the game 2-1.Consequently, football started attracting the attention of the high society,being distinguished by the Luso-British rivalry.

Later, the game spread, being practised in colleges and leading to thefoundation of clubs all over the country. Until the end of the century,associations such as Clube Lisbonense, Carcavelos, Brao de Prata, the

Real Ginsio Clube Portugus, the Estrela Futebol Clube, the FutebolAcadmico, the Campo de Ourique, the Oporto Cricket, and the SportClube Vianense were founded to practise this sport or created sections forcompeting. The first match, between Lisbon and Porto, took place in 1894,attended by King D. Carlos. The Clube Internacional de Futebol (foundedin 1902) was the first Portuguese team to play abroad defeating, in 1907,the Madrid Futebol Clube in the Spanish capital.

Currently, of the most important teams of the sport in Portugal, the oldestis the Boavista Futebol Clube, which was founded in 1903. The FutebolClube do Porto, after an unsuccessful attempt in 1893, appeared in 1906,

stimulated by Jos Monteiro da Costa, among others. The Sporting Clubede Portugal was founded in 1906 by the Viscount of Alvalade and hisgrandson Jos de Alvalade. Sport Lisboa e Benfica, was born in 1904 (theclub maintained the foundation date of Sport Lisboa, founded in 1904,when in 1908 assimilated the Grupo Sport Benfica, founded in 1906). Theyare all clubs that traditionally have several sports activities but they givegreat distinction to football, making use of teams of professional players,which frequently participate in European competitions.

EXTREMISM
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Terrorist Groups

Since the transition to democratic rule was completed in 1976, the

country has been relatively free from subversive or terrorist activitythreatening the maintenance of constitutional authority. The onlysignificant terrorist group, the Popular Forces of the 25th of April (ForasPopulares do 25 Abril--FP25 ), carried out a number of attacks between1980 and 1986, but at no time did it pose a major threat to the security ofthe state. Effective counterterrorism measures and the absence of publicsupport sharply curtailed the ability of FP-25 to sustain its campaign ofviolent operations against the Portuguese government and Western andNATO missions in Portugal.

FP-25 claimed to be a workers' organization dedicated to a struggleagainst exploitation, misery, and repression. Its stated goals were todefeat "imperialism," to lead a "workers' assault on bourgeois power," andto achieve the violent overthrow of the Portuguese government. The FP-25also bitterly opposed the United States and NATO. No evidence of directties to other European terrorist groups existed, although Portugueseauthorities asserted that some financial support had come from Libya.Between 1980 and 1984, most FP-25 actions involved assassinations,bombings, and bank robberies. Beginning in 1984, the group focused itsattacks on United States and NATO targets. Mortars were fired at thecompound of the Embassy of the United States, at NATO's IBERLANT

headquarters, and at NATO ships anchored in Lisbon harbor. Bombsdestroyed a number of cars owned by West German air force personnel.FP-25's ability to wage its terrorist campaign was curtailed by the arrest ofa large number of its adherents in June 1984, including Otelo Saraiva deCarvalho, who had become a popular hero in Portugal after playing a keyrole in the Revolution of 1974 (seeThe Military Takeover of 1974 , thisch.). Other obscure radical groups claimed responsibility for subsequentminor bombing attacks, but such acts of terrorism abated in 1987. As ofearly 1992, Carvalho was free on a conditional basis, and the issue of ageneral amnesty for members of FP-25 had aroused wide public interest.

Separatist independence movements have long existed in the Azores andMadeira archipelagoes. The main group, the Azorean Liberation Front, hasbeen responsible for many demonstrations but has not been associatedwith clandestine activities and violence. A newer group, the AzoreanNationalist Movement, was regarded as illegal because Portuguese lawprohibited any association advocating the independence of the Azores.The existing system of autonomy recognized by the constitution of 1976and subsequent legislation have endowed the regional governments withconsiderable rights and greatly reduced the appeal of the separatistmovements.
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Criminal Activities

Criminal activities are very risky thing for any country. Because criminalactivities can ruin a countrys future. Under criminal activities so manyorganized crimes occur. Organized crime act like any structuralorganization. They are not actually involved in petty crime. It is very hardto estimate how much people are involved in that group.

Though Portugal is a rich country but at the same time it is risky too. Somany criminal activities are happening .

In the larger urban centres of Lisbon and Porto, pick-pocketing and bag

snatching occur, especially at tourist attractions, restaurants, publictransportation, train stations, and airports.

In Lisbon, particular caution should be exercised on electric tram numberE28 to the Castle of So Jorge and number E15 to Belem, at the trainstations of Santa Apolonia, Oriente, Rossio, and Cais do Sodre, as well asin the districts of Alfama, Bairro Alto, and Intendente.

Exercise caution if going to the suburb of Queluz to visit the palace, andavoid the northeast suburb of Amadora. If visiting the Estoril coast, becareful at Guincho Beach near the town of Cascais, at the Mouth of Hell

tourist site, as well as in the village of Sintra, and at its castle and palace.

Racism

Crime was a major source of discontent, and sentiment that Portugal wasbecoming increasingly unsafe since the country turned a destination to severalthousand emigrants from non-white locations around the globe after 1990, led tothe dismissal of Internal Administration Minister Fernando Gomes in the early2000s on the heels of gang violence that made headlines. Along with the gang

crime wave, which involved large groups of non Portuguese youths, many ofthem descendants of immigrants from the former Portuguese colonies in Africawho live in several neighbourhoods around Lisbon, wreaking havoc on commutertrain lines and robbing gasoline (petrol) stations, the country was also shockedby attacks on nightclubs, and a rise of violent crime related with local andinternational organized crime which includes a number of gangs particularlyactive in Greater Lisbon and Greater Porto areas. A large proportion of convictsby violent crime are foreigners and many people tend easily to blameimmigrants or ethnic minorities, sometimes with a great amount of reason orevidence, for that type of crime which used to be rare before their arrival
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Drug Related Crimes

Drug trafficking is an increasing issue for Argentina. Traveling back roads ishighly discouraged, especially when unfamiliar with the area. Drug use isbecoming more common in middle-class youth. Argentina's government isputting a great deal of effort into thwarting drug related crime. Visitors toArgentina are strongly advised not to use, purchase, sell or otherwise involvethemselves in drug related activity.

Criminal Penalties

Persons violating Argentina's laws, even unknowingly, may be expelled, arrestedor imprisoned. Penalties for possession, use, or trafficking in illegal drugs inArgentina are strict, and convicted offenders can expect lengthy jail sentencesand fines.


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Conclusion

The country risk reflects the average level of short term non-payment riskassociated with companies in a particular country. It reflects extend towhich a countrys economic political and financial outlook influencesfinancial commitments of local companies. However international tradeactors know that sound companies can operate in risky countries andunsound companies in less risky countries and that overall that risk willdepend only on a companys quality but also on those of the country inwhich it operates. In assessing overall risk associated with a particularoperation. Country rating are thus complementary to rating creditopinions on companies.

Documents

Portugal: Country Risk Analysis