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PORTUGALfiscal crisis in
A major policy failure.
Government cannot
finance its regular
activities and functions…
Portugal, before the Crisis
GDP
Unemployment
The
Effects
decline
-5.3%
15.9
Rising
unemployment
%
Escalating national
debtOver
110%
(of GDP)
CausesCrisis?
of
Rising Bond Yields
Bond Yields
Bond Prices
Panicselling
Austerity
Fiscal tightening&
Current
Account
Deficit
Problems with CAD
Decline in competitiveness
Financing the CAD
Deflation in Europe(and therefore in Portugal)
If Portugal wereoutside the Euro,
would it have been
DIFFERENT ?yes.
Portugal’s
FUTURE
(and our suggestions)
Thank
you!
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