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href="#Economic_Adjustment_Programme_for_Portugal"> <div class="vector-toc-text"> 2 Economic Adjustment Programme for Portugal </div> </a> <ul id="toc-Economic_Adjustment_Programme_for_Portugal-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Re-access_to_financial_markets" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Re-access_to_financial_markets"> <div class="vector-toc-text"> 3 Re-access to financial markets </div> </a> <ul id="toc-Re-access_to_financial_markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Rejection_of_Austerity_Conditions_and_Political_Crisis" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Rejection_of_Austerity_Conditions_and_Political_Crisis"> <div class="vector-toc-text"> 4 Rejection of Austerity Conditions and Political Crisis </div> </a> <ul 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<div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Economic recession in Portugal</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Portugal_bonds.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/Portugal_bonds.webp/300px-Portugal_bonds.webp.png" decoding="async" width="300" height="87" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/Portugal_bonds.webp/450px-Portugal_bonds.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f8/Portugal_bonds.webp/600px-Portugal_bonds.webp.png 2x" data-file-width="5420" data-file-height="1575" /></a><figcaption>Portugal bonds <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend">  30 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  10 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  5 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  1 year bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  3 month bond</div> </figcaption></figure> The 2010–2014 Portuguese financial crisis was part of the wider downturn of the <a href="/wiki/Economy_of_Portugal" title="Economy of Portugal">Portuguese economy</a> that started in 2001 and possibly ended between 2016 and 2017.<a href="#cite_note-FT_2018-1">[1]</a> The period from 2010 to 2014 was probably the hardest and more challenging part of the entire economic crisis; this period includes the <a href="/wiki/Economic_Adjustment_Programme_for_Portugal" title="Economic Adjustment Programme for Portugal">2011–14 international bailout to Portugal</a> and was marked by intense <a href="/wiki/Austerity" title="Austerity">austerity</a> policies, more intense than the wider 2001-2017 crisis. Economic growth stalled in Portugal between 2001 and 2002, and following years of internal economic crisis, the worldwide <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> started to hit <a href="/wiki/Portugal" title="Portugal">Portugal</a><a href="#cite_note-2">[2]</a><a href="#cite_note-3">[3]</a> in 2008 and eventually led to the country being unable to repay or refinance its government debt without the assistance of third parties. To prevent an insolvency situation in the <a href="/wiki/Debt_crisis" title="Debt crisis">debt crisis</a>, Portugal applied in April 2011 for bail-out programs and drew a cumulated €78 billion from the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">IMF</a>, the <a href="/wiki/European_Financial_Stabilisation_Mechanism" title="European Financial Stabilisation Mechanism">EFSM</a>, and the <a href="/wiki/European_Financial_Stability_Facility" title="European Financial Stability Facility">EFSF</a>. Portugal exited the bailout in May 2014,<a href="#cite_note-4">[4]</a><a href="#cite_note-5">[5]</a> the same year that positive economic growth re-appeared following three years of recession.<a href="#cite_note-Pordata_growth_rate-6">[6]</a> The government achieved a 2.1% budget deficit in 2016 (the lowest since the <a href="/wiki/Carnation_Revolution" title="Carnation Revolution">restoration of democracy</a> in 1974)<a href="#cite_note-7">[7]</a> and in 2017 the economy grew 2.7% (the highest growth rate since 2000).<a href="#cite_note-8">[8]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=1" title="Edit section: Causes">edit</a>]</div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Manuela_Ferreira_Leite.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Manuela_Ferreira_Leite.jpg/260px-Manuela_Ferreira_Leite.jpg" decoding="async" width="260" height="315" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Manuela_Ferreira_Leite.jpg/390px-Manuela_Ferreira_Leite.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Manuela_Ferreira_Leite.jpg/520px-Manuela_Ferreira_Leite.jpg 2x" data-file-width="1057" data-file-height="1280" /></a><figcaption><a href="/wiki/Manuela_Ferreira_Leite" title="Manuela Ferreira Leite">Manuela Ferreira Leite</a> was the <a href="/wiki/Ministry_of_Finance_(Portugal)" title="Ministry of Finance (Portugal)">Minister of Finance</a> from 2002 to 2004, in the cabinet of <a href="/wiki/Jos%C3%A9_Manuel_Dur%C3%A3o_Barroso" class="mw-redirect" title="José Manuel Durão Barroso">José Manuel Durão Barroso</a>.</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Josesocrates2006.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Josesocrates2006.jpg/260px-Josesocrates2006.jpg" decoding="async" width="260" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Josesocrates2006.jpg/390px-Josesocrates2006.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/67/Josesocrates2006.jpg/520px-Josesocrates2006.jpg 2x" data-file-width="2300" data-file-height="1773" /></a><figcaption>From 2005 to 2011, <a href="/wiki/Jos%C3%A9_S%C3%B3crates" title="José Sócrates">José Sócrates</a> of the <a href="/wiki/Socialist_Party_(Portugal)" title="Socialist Party (Portugal)">Socialist Party</a> (PS) was the prime minister and the leader of the Portuguese Government.</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Portugal_Prime_Minister_Pedro_Passos_Coelho_with_Zapatero.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5e/Portugal_Prime_Minister_Pedro_Passos_Coelho_with_Zapatero.jpg/260px-Portugal_Prime_Minister_Pedro_Passos_Coelho_with_Zapatero.jpg" decoding="async" width="260" height="173" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5e/Portugal_Prime_Minister_Pedro_Passos_Coelho_with_Zapatero.jpg/390px-Portugal_Prime_Minister_Pedro_Passos_Coelho_with_Zapatero.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5e/Portugal_Prime_Minister_Pedro_Passos_Coelho_with_Zapatero.jpg/520px-Portugal_Prime_Minister_Pedro_Passos_Coelho_with_Zapatero.jpg 2x" data-file-width="2000" data-file-height="1330" /></a><figcaption>Prime Ministers <a href="/wiki/Pedro_Passos_Coelho" title="Pedro Passos Coelho">Pedro Passos Coelho</a> (left) from Portugal (in office since 21 June 2011 after José Sócrates has called for a Portuguese bail-out in April 2011),<a href="#cite_note-9">[9]</a> and <a href="/wiki/Rodriguez_Zapatero" class="mw-redirect" title="Rodriguez Zapatero">Rodriguez Zapatero</a>, from Spain, in October 2011. With economic downturn and a rising unemployment rate (over 10% unemployment rate in Portugal and 20% in Spain by 2011), the two countries of the <a href="/wiki/Iberian_Peninsula" title="Iberian Peninsula">Iberian Peninsula</a> were trapped right in the middle of the <a href="/wiki/European_sovereign_debt_crisis" class="mw-redirect" title="European sovereign debt crisis">European sovereign debt crisis</a>.</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="2000s_economic_crisis">2000s economic crisis</h3>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=2" title="Edit section: 2000s economic crisis">edit</a>]</div> Unlike other European countries that were also severely hit by the Great Recession in the late 2000s and received bailouts in the early 2010s (such as <a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greece</a> and <a href="/wiki/Post-2008_Irish_economic_downturn" title="Post-2008 Irish economic downturn">Ireland</a>), in Portugal the 2000s were not marked by economic growth, but instead were already a period of economic crisis, marked by stagnation, two recessions (in 2002–03<a href="#cite_note-10">[10]</a><a href="#cite_note-GDP_growth-11">[11]</a> and 2008–09<a href="#cite_note-12">[12]</a><a href="#cite_note-GDP_growth-11">[11]</a>) and government-sponsored fiscal austerity in order to reduce the budget deficit to the limits allowed by the European Union's <a href="/wiki/Stability_and_Growth_Pact" title="Stability and Growth Pact">Stability and Growth Pact</a>.<a href="#cite_note-13">[13]</a><a href="#cite_note-14">[14]</a><a href="#cite_note-15">[15]</a> From the early 1960s to the early 2000s, Portugal endured three periods of robust economic growth and socio-economic development (approximately from 1960 to 1973, from 1985 to 1992 and from 1995 to 2001)<a href="#cite_note-Pordata_growth_rate-6">[6]</a> which made the country's <a href="/wiki/GDP_per_capita" class="mw-redirect" title="GDP per capita">GDP per capita</a> to rise from 39% of the Northern-Central European average in 1960<a href="#cite_note-16">[16]</a> to 70% in 2000.<a href="#cite_note-17">[17]</a> Although, by 2000, Portugal was still the poorest country in Western Europe, it nevertheless had achieved a level of convergence with the developed economies in Central and Northern Europe which had no precedents in the previous centuries, a catching-up process which was expected to continue.<a href="#cite_note-The_Atlantic_2013-18">[18]</a> Portugal still entered well in the 2000s, registering an almost 4% GDP growth rate in 2000,<a href="#cite_note-GDP_growth-11">[11]</a> but growth slowed along 2001; that year's growth rate was 2.0%<a href="#cite_note-GDP_growth-11">[11]</a> and the unexpected slowdown was one of the causes that made the government's (still led by socialist <a href="/wiki/Ant%C3%B3nio_Guterres" title="António Guterres">António Guterres</a>) budget deficit to slip to 4.1%;<a href="#cite_note-19">[19]</a><a href="#cite_note-2005_EC_Report-20">[20]</a> Portugal thus became the first <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> country to clearly break the <a href="/wiki/Stability_and_Growth_Pact" title="Stability and Growth Pact">SGP</a>'s 3% limit for the budget deficit, and thus, it was opened an excessive deficit procedure. The <a href="/wiki/2002_Portuguese_legislative_election" title="2002 Portuguese legislative election">2002 snap election</a> brought to power the <a href="/wiki/Social_Democratic_Party_(Portugal)" title="Social Democratic Party (Portugal)">Social Democrats</a> led by <a href="/wiki/Jos%C3%A9_Manuel_Dur%C3%A3o_Barroso" class="mw-redirect" title="José Manuel Durão Barroso">José Manuel Durão Barroso</a>; his government was marked by the introduction of harsh fiscal austerity policies and structural reforms, mainly justified by the need to reduce the budget deficit, a set of policies designed by his Finance Minister <a href="/wiki/Manuela_Ferreira_Leite" title="Manuela Ferreira Leite">Manuela Ferreira Leite</a>.<a href="#cite_note-FOOTNOTECommission_of_the_European_Communities20058-21">[21]</a> Portuguese economy grew a combined 0.8% in 2002, was in recession in 2003 (-0.9%) and grew 1.6% in 2004.<a href="#cite_note-GDP_growth-11">[11]</a> Ferreira Leite managed to keep deficit on 2.9% both in 2003 and in 2004, but through one-off and extraordinary measures.<a href="#cite_note-2005_EC_Report-20">[20]</a> Otherwise, the deficit would have hit the 5% mark.<a href="#cite_note-FOOTNOTECommission_of_the_European_Communities20058-21">[21]</a> Meanwhile, the first half of the 2000s also saw the end of the downward trend in the <a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">government debt to GDP ratio</a> that marked the 1990s: the ratio rose from 53% in 2000 to 62% in 2004 (the ratio overtook the SGP's arbitrary limit of 60% in 2003).<a href="#cite_note-FOOTNOTECommission_of_the_European_Communities200513-22">[22]</a> Socialist <a href="/wiki/Jos%C3%A9_S%C3%B3crates" title="José Sócrates">José Sócrates</a> became Prime Minister in <a href="/wiki/2005_Portuguese_legislative_election" title="2005 Portuguese legislative election">2005</a>; like his conservative predecessor, Sócrates tried to reduce the government's budget deficit through austerity and tax hikes.<a href="#cite_note-FOOTNOTECommission_of_the_European_Communities20052-23">[23]</a> By then, the Portuguese economy was clearly lagging behind European partners and the 2005 budget deficit was expected to be above 6% if no extraordinary measures were used.<a href="#cite_note-FOOTNOTECommission_of_the_European_Communities200511-24">[24]</a> In the Stability and Growth Programme for 2005–2009, the <a href="/wiki/XVII_Constitutional_Government_of_Portugal" title="XVII Constitutional Government of Portugal">Sócrates' government</a> proposed to let the budget deficit to be higher than 6% in 2005, but to structurally reduce it to below 3% until 2008, a plan which was accepted by the European authorities.<a href="#cite_note-25">[25]</a><a href="#cite_note-26">[26]</a><a href="#cite_note-27">[27]</a><a href="#cite_note-28">[28]</a><a href="#cite_note-29">[29]</a><a href="#cite_note-GDP_growth-11">[11]</a> A notable milepost in the crisis happened in 2005, when the Portuguese <a href="/wiki/Unemployment_rate" class="mw-redirect" title="Unemployment rate">unemployment rate</a> overtook the European average for the first time since 1986.<a href="#cite_note-30">[30]</a> In 2007, the government achieved a 2.6% budget deficit (one year before target), below the 3.0% limit allowed by the <a href="/wiki/Stability_and_Growth_Pact" title="Stability and Growth Pact">Stability and Growth Pact</a>.<a href="#cite_note-31">[31]</a> That year, the economy grew 2.4%, the highest rate in the decade (excluding 2000).<a href="#cite_note-GDP_growth-11">[11]</a> Nevertheless, also in 2007, the comparatively low growth rate made <a href="/wiki/The_Economist" title="The Economist">The Economist</a> to describe Portugal as "a new <a href="/wiki/Sick_man_of_Europe" title="Sick man of Europe">sick man of Europe</a>".<a href="#cite_note-32">[32]</a> From 2005 to 2007, public debt was stable at a ratio of approximately 68% of the GDP.<a href="#cite_note-public_debt_to_GDP_ratio-33">[33]</a> The <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> started to hit Portugal in 2008; that year the Portuguese economy did not grow (0.0%) and fell almost 3% in 2009.<a href="#cite_note-GDP_growth-11">[11]</a> Meanwhile, the government reported a 2.6% budget deficit in 2008 which rose to almost 10% in 2009.<a href="#cite_note-34">[34]</a><a href="#cite_note-35">[35]</a> Austerity was somewhat waned in 2008–2010, as part of the <a href="/wiki/2008_European_Union_stimulus_plan" title="2008 European Union stimulus plan">European economy recovery plan</a> and the <a href="/wiki/2008%E2%80%9309_Keynesian_resurgence" class="mw-redirect" title="2008–09 Keynesian resurgence">resurgence of Keynesianism</a> (which called for anti-cyclic policies), but was resumed in May 2010.<a href="#cite_note-36">[36]</a> In 2010 there was economic growth (1.9%) but the financial status remained very difficult (8.6% budget deficit);<a href="#cite_note-GDP_growth-11">[11]</a><a href="#cite_note-37">[37]</a> the country eventually became unable to repay or refinance its government debt and requested a bailout in April 2011; in 2011 the economy fell 1.3% and the government reported a 4.2% budget deficit.<a href="#cite_note-GDP_growth-11">[11]</a><a href="#cite_note-38">[38]</a> Meanwhile, government debt-to-GDP ratio sharply rose from 68% in 2007 to 111% in 2011.<a href="#cite_note-public_debt_to_GDP_ratio-33">[33]</a> In the end, Portuguese economy grew less on a per capita basis in the 2000s and early 2010s than the American economy during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> or the Japanese economy during the <a href="/wiki/Lost_Decade_(Japan)" class="mw-redirect" title="Lost Decade (Japan)">Lost Decade</a>.<a href="#cite_note-The_Atlantic_2013-18">[18]</a> Despite government policies openly aimed to consolidate the Portuguese public finances,<a href="#cite_note-note1-39">[note 1]</a> Portugal was almost always under excessive deficit procedure<a href="#cite_note-note2-41">[note 2]</a> and government debt-to-GDP ratio rose from 50% in 2000 to 68% in 2007 and 126% in 2012.<a href="#cite_note-public_debt_to_GDP_ratio-33">[33]</a> The causes of the stagnation are complex, as many potential causes also affect other Southern European countries and did not prevent them from growing in the 2000s, nor did prevent Portugal from growing before the early 2000s.<a href="#cite_note-The_Atlantic_2013-18">[18]</a><a href="#cite_note-Portugal,_um_país_de_crise_em_crise-42">[40]</a> Economist <a href="https://pt.wikipedia.org/wiki/Jo%C3%A3o_Martins_Ferreira_do_Amaral" class="extiw" title="pt:João Martins Ferreira do Amaral">Ferreira do Amaral</a> points to the accession to <a href="/wiki/Euro" title="Euro">Euro</a> in 1999–2002, which was too strong as a currency for Portugal's economy and industry and took away from the country the ability to direct its own monetary (rise or reduce interest rates) and cambial policy (currency devaluation).<a href="#cite_note-Portugal,_um_país_de_crise_em_crise-42">[40]</a><a href="#cite_note-43">[41]</a><a href="#cite_note-44">[42]</a> <a href="/wiki/V%C3%ADtor_Bento" title="Vítor Bento">Vítor Bento</a> also thinks that the belonging to a currency union created numerous challenges to which the Portuguese economy was not able to adapt.<a href="#cite_note-Portugal,_um_país_de_crise_em_crise-42">[40]</a> Bento also points out that Euro was the root cause for many of the internal macroeconomic disequilibria inside Eurozone – such as excessive external deficits in periphery countries (such as Portugal) and excessive external surplus in core countries – and that such disequilibria were the main cause of the 2010s <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a> (and were, to a great extent, more to important to explain the crisis than states' public finances).<a href="#cite_note-45">[43]</a> A set of economists (including former Prime Minister and eventual President <a href="/wiki/An%C3%ADbal_Cavaco_Silva" title="Aníbal Cavaco Silva">Aníbal Cavaco Silva</a>, an <a href="/wiki/Economically_liberal" class="mw-redirect" title="Economically liberal">economically liberal</a> scholar and politician) points to the excessive size of the Portuguese government, whose total expenditures overtook 45% of the GDP in 2005.<a href="#cite_note-Portugal,_um_país_de_crise_em_crise-42">[40]</a> Such hypothesis was eventually the basis for the austerity requested as conditionality for the <a href="/wiki/Economic_Adjustment_Programme_for_Portugal" title="Economic Adjustment Programme for Portugal">2011–2014 European Union/IMF bailout</a>.<a href="#cite_note-Portugal,_um_país_de_crise_em_crise-42">[40]</a> For <a href="/wiki/Ricardo_Reis" title="Ricardo Reis">Ricardo Reis</a>, the accession to Euro was a root cause for the 2000s crisis, but for different reasons than the ones put forward by Ferreira do Amaral: the low interest rates allowed an influx of foreign capital, which the country's weak financial system misallocated to the low-productive non-tradable sector, reducing the economy's overall productivity.<a href="#cite_note-Reis_2013-46">[44]</a><a href="#cite_note-Portugal,_um_país_de_crise_em_crise-42">[40]</a> Meanwhile, the Social Security system was demanding increasing public spending, and the constant tax hikes in the 2000s limited the potential for growth of the Portuguese economy.<a href="#cite_note-Reis_2013-46">[44]</a><a href="#cite_note-Portugal,_um_país_de_crise_em_crise-42">[40]</a> It is noteworthy that from 2000 to 2007, taxes as share of GDP increased 1.7% in Portugal but declined 0.9% in Eurozone.<a href="#cite_note-Reis_2013-46">[44]</a> Another factor at the root of the stagnation may be that Portuguese economy faced increasing competition by Eastern European countries and China, which were economies also specialized in low wages and low-value-added goods.<a href="#cite_note-Reis_2013-46">[44]</a> Other more structural problems identified were excessive corruption, and regulation, which makes difficult for business to get bigger and achieve economies-of-scale,<a href="#cite_note-The_Atlantic_2013-18">[18]</a> as also the low educational attainment of Portuguese adults, low total factor productivity, rigid labour market laws and an inefficient and slow judicial system.<a href="#cite_note-Reis_2013-46">[44]</a> <div class="mw-heading mw-heading3"><h3 id="Anxiety_on_financial_markets">Anxiety on financial markets</h3>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=3" title="Edit section: Anxiety on financial markets">edit</a>]</div> After the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>, it was known in 2008–2009 that two Portuguese banks (<a href="/wiki/Banco_Portugu%C3%AAs_de_Neg%C3%B3cios" title="Banco Português de Negócios">Banco Português de Negócios</a> (BPN) and <a href="/wiki/Banco_Privado_Portugu%C3%AAs" title="Banco Privado Português">Banco Privado Português</a> (BPP)) had been accumulating losses for years due to bad investments, embezzlement and accounting fraud. The case of BPN was particularly serious because of its size, market share, and the political implications - Portugal's then current President, <a href="/wiki/An%C3%ADbal_Cavaco_Silva" title="Aníbal Cavaco Silva">Aníbal Cavaco Silva</a>, and some of his political allies, maintained personal and business relationships with the bank and its CEO, who was eventually charged and arrested for fraud and other crimes.<a href="#cite_note-47">[45]</a><a href="#cite_note-48">[46]</a><a href="#cite_note-49">[47]</a> In the grounds of avoiding a potentially serious financial crisis in the Portuguese economy, the Portuguese government decided to give them a bailout, eventually at a future loss to taxpayers. In the opening weeks of 2010, renewed anxiety about the excessive levels of debt in some EU countries and, more generally, about the health of the Euro spread from Ireland and Greece to Portugal, Spain, and Italy. In 2010, <a href="/wiki/PIIGS" class="mw-redirect" title="PIIGS">PIIGS</a> and PIGS acronyms were widely used by international bond analysts, academics, and the international economic press when referring to these under performing economies. Some senior German policy makers went as far as to say that emergency bailouts to Greece and future EU aid recipients should bring with it harsh penalties.<a href="#cite_note-50">[48]</a> Robert Fishman, in the New York Times article "Portugal's Unnecessary Bailout", points out that Portugal fell victim to successive waves of speculation by pressure from bond traders, rating agencies and speculators.<a href="#cite_note-fishman-portugal-51">[49]</a> In the first quarter of 2010, before pressure from the markets, Portugal had one of the best rates of economic recovery in the EU. From the perspective of Portugal's industrial orders, exports, entrepreneurial innovation and high-school achievement, the country matched or even surpassed its neighbors in Western Europe.<a href="#cite_note-fishman-portugal-51">[49]</a> However, the Portuguese economy had been creating its own problems over a lengthy period of time, which came to a head with the financial crisis. Persistent and lasting recruitment policies boosted the number of redundant public servants. Risky credit, public debt creation, and European structural and cohesion funds were mismanaged across almost four decades. Portugal would be persistently criticized for years to come by institutions and organizations like the <a href="/wiki/OECD" title="OECD">OECD</a>, the <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a> and the <a href="/wiki/European_Union" title="European Union">European Union</a> for its anti-market, labor movement-inspired labor laws and rules which promoted <a href="/wiki/Overstaffing" class="mw-redirect" title="Overstaffing">overstaffing</a> and the misallocation of factors of production in general.<a href="#cite_note-52">[50]</a><a href="#cite_note-53">[51]</a><a href="#cite_note-54">[52]</a> In the summer of 2010, <a href="/wiki/Moody%27s" class="mw-redirect" title="Moody's">Moody's</a> Investors Service cut Portugal's <a href="/wiki/Sovereign_bond" class="mw-redirect" title="Sovereign bond">sovereign bond</a> rating down two notches from an Aa2 to an A1<a href="#cite_note-55">[53]</a> Due to spending on economic stimuli, Portugal's <a href="/wiki/Debt" title="Debt">debt</a> had increased sharply compared to the gross domestic product. Moody noted that the rising debt would weigh heavily on the government's short-term finances.<a href="#cite_note-56">[54]</a> <div class="mw-heading mw-heading3"><h3 id="Austerity_measures_amid_increased_pressure_on_government_bonds">Austerity measures amid increased pressure on government bonds</h3>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=4" title="Edit section: Austerity measures amid increased pressure on government bonds">edit</a>]</div> In September 2010, the <a href="/wiki/XVIII_Constitutional_Government_of_Portugal" title="XVIII Constitutional Government of Portugal">XVIII Constitutional Government of Portugal</a> announced a fresh austerity package following other <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> partners, through a series of tax hikes and salary cuts for <a href="/wiki/Public_servant" class="mw-redirect" title="Public servant">public servants</a>.<a href="#cite_note-57">[55]</a><a href="#cite_note-58">[56]</a> In 2009, the deficit had been 9.4 percent, one of the highest in the Eurozone and well above the <a href="/wiki/European_Union" title="European Union">European Union</a>'s <a href="/wiki/Stability_and_Growth_Pact" title="Stability and Growth Pact">Stability and Growth Pact</a> three percent limit. In November <a href="/wiki/Risk_premium" title="Risk premium">risk premiums</a> on Portuguese <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> hit euro lifetime highs as investors and creditors worried that the country would fail to rein in its budget deficit and debt. The yield on the country's 10-year government bonds reached 7 percent – a level the Portuguese Finance Minister <a href="/wiki/Fernando_Teixeira_dos_Santos" title="Fernando Teixeira dos Santos">Fernando Teixeira dos Santos</a> had previously said would require the country to seek financial help from international institutions. Also in 2010, the country reached a record high unemployment rate of nearly 11%, a figure not seen for over two decades, while the number of <a href="/wiki/Public_servant" class="mw-redirect" title="Public servant">public servants</a> remained very high.<a href="#cite_note-59">[57]</a><a href="#cite_note-60">[58]</a><a href="#cite_note-61">[59]</a> On 23 March 2011, José Sócrates resigned following passage of a <a href="/wiki/No_confidence" class="mw-redirect" title="No confidence">no confidence</a> motion sponsored by all five opposition parties in parliament over spending cuts and tax increases.<a href="#cite_note-62">[60]</a> On 6 April 2011, José Sócrates, still in charge of the country, announced the requesting of an international financial rescue package to the Portuguese Republic.<a href="#cite_note-63">[61]</a> In May 2011, the European Union and the International Monetary Fund sealed a three-year €78 billion financial rescue plan for Portugal in a bid to stabilise its public finances.<a href="#cite_note-64">[62]</a> After the bailout was announced, the newly-elected Portuguese government headed by <a href="/wiki/Pedro_Passos_Coelho" title="Pedro Passos Coelho">Pedro Passos Coelho</a> managed to implement measures to improve the State's financial situation and the country started to be seen as moving on the right track. Despite the unemployment rate has reached new highs above 15 per cent in the second quarter 2012, the country would be able to overcome the crisis and emerge stronger because the economic adjustment was producing the desirable effects on the Portuguese economy and public debt situation.<a href="#cite_note-65">[63]</a><a href="#cite_note-66">[64]</a><a href="#cite_note-67">[65]</a><a href="#cite_note-68">[66]</a><a href="#cite_note-69">[67]</a><a href="#cite_note-70">[68]</a> Elections were held on 4 October 2015, with the Portugal à Frente (PaF) coalition between PSD and CDS-PP parties led by PSD's Pedro Passos Coelho, being the most voted political force with 38.5% of the votes – but it lost the absolute majority that the two parties had in parliament, leaving it with 107 deputies (89 from PSD and 18 from CDS-PP), out of a total of 230. Without that majority, socialist and communist parties banded together to form a coalition in the parliament and after avail of the President Aníbal Cavaco Silva and according to the law, the <a href="/wiki/XXI_Constitutional_Government_of_Portugal" title="XXI Constitutional Government of Portugal">XXI Constitutional Government</a>, headed by <a href="/wiki/Ant%C3%B3nio_Costa" title="António Costa">António Costa</a> of the <a href="/wiki/Socialist_Party_(Portugal)" title="Socialist Party (Portugal)">Socialist Party</a>, took office on 26 November 2015, 53 days after the legislative elections won by PaF.<a href="#cite_note-71">[69]</a> <div class="mw-heading mw-heading2"><h2 id="Economic_Adjustment_Programme_for_Portugal">Economic Adjustment Programme for Portugal</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=5" title="Edit section: Economic Adjustment Programme for Portugal">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_Adjustment_Programme_for_Portugal" title="Economic Adjustment Programme for Portugal">Economic Adjustment Programme for Portugal</a></div> On 6 April 2011, the resigning Prime Minister <a href="/wiki/Jos%C3%A9_S%C3%B3crates" title="José Sócrates">José Sócrates</a> of the <a href="/wiki/Socialist_Party_(Portugal)" title="Socialist Party (Portugal)">Socialist Party</a> (PS) announced on television that the country, facing a status of bankruptcy, would request financial assistance to the IMF and the European Financial Stability Facility, like Greece and the Republic of Ireland had done before. On 16 May 2011, the eurozone leaders officially approved a €78 billion bailout package for Portugal. <div class="mw-heading mw-heading2"><h2 id="Re-access_to_financial_markets">Re-access to financial markets</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=6" title="Edit section: Re-access to financial markets">edit</a>]</div> A positive turning point in Portugal's strive to regain access to financial markets, was achieved on 3 October 2012, when the state managed to convert €3.76 billion of bonds with maturity in September 2013 (carrying a 3.10% yield) to new bonds with maturity in October 2015 (carrying a 5.12% yield). Before the bond exchange, the state had a total of €9.6 billion outstanding notes due in 2013, which according to the bailout plan should be renewed by the sale of new bonds on the market. As Portugal was already able to renew one-third of the outstanding bonds at a reasonable yield level, the market now expect the upcoming renewals in 2013 also to be conducted at reasonable yield levels. The bailout funding programme will run until June 2014, but at the same time require Portugal to regain a complete bond market access in September 2013. The recent sale of bonds with a 3-year maturity, was the first bond sale of the Portuguese state since requesting the bailout in April 2011, and the first step slowly to open up its governmental bond market again. Recently the ECB announced they will be ready also, to begin additional support to Portugal, with some yield-lowering bond purchases (<a href="/wiki/Outright_Monetary_Transactions" title="Outright Monetary Transactions">OMTs</a>), when the country regained complete market access.<a href="#cite_note-October_2012_status-72">[70]</a> All together this bodes well for a further decline of the governmental interest rates in Portugal, which on 30 January 2012 had a peak for the 10-year rate at 17.3% (after the rating agencies had cut the governments credit rating to "non-investment grade" -also referred to as "junk"),<a href="#cite_note-73">[71]</a> and as of 24 November 2012 has been more than halved to only 7.9%.<a href="#cite_note-74">[72]</a> <div class="mw-heading mw-heading2"><h2 id="Rejection_of_Austerity_Conditions_and_Political_Crisis">Rejection of Austerity Conditions and Political Crisis</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=7" title="Edit section: Rejection of Austerity Conditions and Political Crisis">edit</a>]</div> In the <a href="/wiki/2015_Portuguese_legislative_election" title="2015 Portuguese legislative election">parliamentary elections of October 2015</a>, the ruling right wing party failed to achieve an operating majority despite having won the elections by a solid margin. An anti-austerity post-electoral left wing coalition was formed achieving 51% of the vote and 53% of elected MPs, however, the President of Portugal at first refused to allow the left wing coalition to govern, inviting the minority right wing coalition to form a government. This was formed in November 2015 and lasted 11 days when it lost motion of confidence. The President eventually invited and asked the Socialist Party to form a government supported by 123 of 230 MPs in parliament from all parties except the former right wing coalition which broke into two parties. The new government (of the Socialist Party and independents) took office in November 2015 with a parliamentary majority thanks to the support of the Left Bloc, the Green Party and the Communist Party and the abstention of the Animal Welfare Party (PAN). In 2017, the IMF saw a 2.5 percent growth rate and an unemployment rate below 10 percent, but the European Commission expected Portugal's Government debt to reach 128.5 percent of GDP.<a href="#cite_note-75">[73]</a> <div class="mw-heading mw-heading2"><h2 id="Key_economic_data_in_2016">Key economic data in 2016</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=8" title="Edit section: Key economic data in 2016">edit</a>]</div> <ul><li>Budget deficit in 2016 was 2.1% of GDP, 0.4% the arbitrary limit set for it by the EC, the lowest since 1974, and less than half of the previous government's last year in power 2015. It is also 0.9% below the limits agreed at Maastricht.</li> <li>In 2016, Portuguese GDP was $259 billion, up by about 3% from 2015, and 21% from its record low in 2012.</li> <li>In 2016, Portugal registered a 14-year sequence of continuous increases in <a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">debt-to-GDP ratios</a>, i.e., since the adoption of the Euro as currency.</li> <li>In 2016, combined sovereign and personal debt in Portugal was the 5th largest in the Eurozone, reaching a combined 390% of GDP</li> <li>In April 2017, the unemployment rate was 9.5%, over 8% below the all-time high reached in 2013 though still slightly above the 43-year average since the country became a democracy.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=9" title="Edit section: See also">edit</a>]</div> <ul><li><a href="/wiki/European_sovereign_debt_crisis" class="mw-redirect" title="European sovereign debt crisis">European sovereign debt crisis</a></li> <li><a href="/wiki/Economy_of_Portugal" title="Economy of Portugal">Economy of Portugal</a></li> <li><a href="/wiki/Economic_history_of_Portugal" title="Economic history of Portugal">Economic history of Portugal</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=10" title="Edit section: Notes">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-note1-39"><a href="#cite_ref-note1_39-0">^</a> An "everyday" example of the tax hikes during the 2000s crisis is the <a href="/wiki/Value_added_tax" class="mw-redirect" title="Value added tax">VAT</a>'s standard rate, which rose from 17% in 2002 to 23% in 2011. </li> <li id="cite_note-note2-41"><a href="#cite_ref-note2_41-0">^</a> In the 2000s and early 2010s, Portugal was under excessive deficit procedure (EDP) in 2002–2004, 2005–2008 and from 2009 on (this last EDP was closed in 2017).<a href="#cite_note-40">[39]</a> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=2010%E2%80%932014_Portuguese_financial_crisis&action=edit&section=11" title="Edit section: References">edit</a>]</div> <ul><li><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output 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Retrieved 13 August 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Portuguese+economy+grows+2.7%25+in+2017%2C+the+largest+growth+since+2000&rft.pub=ECO&rft.date=2018-02-14&rft_id=https%3A%2F%2Feconews.pt%2F2018%2F02%2F14%2Fportuguese-economy-grows-2-7-in-2017-the-largest-growth-since-2000%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-9"><a href="#cite_ref-9">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/e2916ace-607e-11e0-9fcb-00144feab49a">"Sócrates calls for Portuguese bail-out"</a>. www.ft.com. Retrieved 11 February 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.ft.com&rft.atitle=S%C3%B3crates+calls+for+Portuguese+bail-out&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fe2916ace-607e-11e0-9fcb-00144feab49a&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-10"><a href="#cite_ref-10">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMelo2003" class="citation web cs1 cs1-prop-foreign-lang-source">Melo, Eduardo (13 March 2003). <a rel="nofollow" class="external text" href="https://www.publico.pt/2003/03/13/economia/noticia/portugal-entrou-em-recessao-no-quarto-trimestre-de-2002-284735">"Portugal entrou em recessão no quarto trimestre de 2002"</a> [Portugal entered recession in the fourth quarter of 2002] (in Portuguese). Público. Retrieved 5 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Portugal+entrou+em+recess%C3%A3o+no+quarto+trimestre+de+2002&rft.pub=P%C3%BAblico&rft.date=2003-03-13&rft.aulast=Melo&rft.aufirst=Eduardo&rft_id=https%3A%2F%2Fwww.publico.pt%2F2003%2F03%2F13%2Feconomia%2Fnoticia%2Fportugal-entrou-em-recessao-no-quarto-trimestre-de-2002-284735&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-GDP_growth-11">^ <a href="#cite_ref-GDP_growth_11-0">a</a> <a href="#cite_ref-GDP_growth_11-1">b</a> <a href="#cite_ref-GDP_growth_11-2">c</a> <a href="#cite_ref-GDP_growth_11-3">d</a> <a href="#cite_ref-GDP_growth_11-4">e</a> <a href="#cite_ref-GDP_growth_11-5">f</a> <a href="#cite_ref-GDP_growth_11-6">g</a> <a href="#cite_ref-GDP_growth_11-7">h</a> <a href="#cite_ref-GDP_growth_11-8">i</a> <a href="#cite_ref-GDP_growth_11-9">j</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ine.pt/ngt_server/attachfileu.jsp?look_parentBoui=96968544&att_display=n&att_download=y">"Table A.1.1.8 - Gross domestic product at market prices (volume change rate; annual)"</a>. Instituto Nacional de Estatística. 2013. Retrieved 3 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Table+A.1.1.8+-+Gross+domestic+product+at+market+prices+%28volume+change+rate%3B+annual%29&rft.pub=Instituto+Nacional+de+Estat%C3%ADstica&rft.date=2013&rft_id=https%3A%2F%2Fwww.ine.pt%2Fngt_server%2Fattachfileu.jsp%3Flook_parentBoui%3D96968544%26att_display%3Dn%26att_download%3Dy&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-12"><a href="#cite_ref-12">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.rtp.pt/noticias/economia/portugal-fechou-2008-em-recessao_v183214">"Portugal fechou 2008 em recessão"</a> [Portugal ended 2008 in recession] (in Portuguese). RTP. 13 February 2009. Retrieved 5 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Portugal+fechou+2008+em+recess%C3%A3o&rft.pub=RTP&rft.date=2009-02-13&rft_id=https%3A%2F%2Fwww.rtp.pt%2Fnoticias%2Feconomia%2Fportugal-fechou-2008-em-recessao_v183214&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-13"><a href="#cite_ref-13">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArriaga_e_Cunha2002" class="citation web cs1 cs1-prop-foreign-lang-source">Arriaga e Cunha, Isabel (28 June 2002). <a rel="nofollow" class="external text" href="https://www.publico.pt/2002/06/28/jornal/medidas-de-austeridade-poderao-evitar-multas-por-defice-excessivo-172124">"Medidas de austeridade poderão evitar multas por défice excessivo"</a> [Austerity measures may avoid fines due to excessive deficit] (in Portuguese). Público. Retrieved 28 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Medidas+de+austeridade+poder%C3%A3o+evitar+multas+por+d%C3%A9fice+excessivo&rft.pub=P%C3%BAblico&rft.date=2002-06-28&rft.aulast=Arriaga+e+Cunha&rft.aufirst=Isabel&rft_id=https%3A%2F%2Fwww.publico.pt%2F2002%2F06%2F28%2Fjornal%2Fmedidas-de-austeridade-poderao-evitar-multas-por-defice-excessivo-172124&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-14"><a href="#cite_ref-14">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.economist.com/node/2545844">"Stability pays"</a>. The Economist. 25 March 2004. Retrieved 5 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Stability+pays&rft.date=2004-03-25&rft_id=http%3A%2F%2Fwww.economist.com%2Fnode%2F2545844&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-15"><a href="#cite_ref-15">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCambon2008" class="citation news cs1 cs1-prop-foreign-lang-source">Cambon, Diane (27 June 2008). <a rel="nofollow" class="external text" href="http://www.lefigaro.fr/economie/2008/06/27/04001-20080627ARTFIG00357-budget-impots-retraite-la-lecon-d-austerite-du-portugal.php">"Budget, impôts, retraite : la leçon d'austérité du Portugal"</a> [Budget, taxes, reforms: Portugal's lesson of austerity]. Le Figaro (in French). Retrieved 5 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Le+Figaro&rft.atitle=Budget%2C+imp%C3%B4ts%2C+retraite+%3A+la+le%C3%A7on+d%27aust%C3%A9rit%C3%A9+du+Portugal&rft.date=2008-06-27&rft.aulast=Cambon&rft.aufirst=Diane&rft_id=http%3A%2F%2Fwww.lefigaro.fr%2Feconomie%2F2008%2F06%2F27%2F04001-20080627ARTFIG00357-budget-impots-retraite-la-lecon-d-austerite-du-portugal.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-16"><a href="#cite_ref-16">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoltvan_Zanden2014" class="citation web cs1">Bolt, J.; van Zanden, J.L. (2014). <a rel="nofollow" class="external text" href="https://www.rug.nl/ggdc/historicaldevelopment/maddison/data/mpd_2013-01.xlsx">"Maddison Project Database, version 2013"</a>. Maddison Project Database. Retrieved 3 July 2018. <q>In 1960 (cell A182), Portugal had a GDP per capita of $2,956 (in 1990 US dollars) (cell Q182) while EU-12 countries had a GDP per capita of $7,498 (in 1990 US dollars) (cell N182). Thus, Portuguese GDP per capita was 39,4% of EU-12 average.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Maddison+Project+Database&rft.atitle=Maddison+Project+Database%2C+version+2013&rft.date=2014&rft.aulast=Bolt&rft.aufirst=J.&rft.au=van+Zanden%2C+J.L.&rft_id=https%3A%2F%2Fwww.rug.nl%2Fggdc%2Fhistoricaldevelopment%2Fmaddison%2Fdata%2Fmpd_2013-01.xlsx&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-17"><a href="#cite_ref-17">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoltvan_Zanden2014" class="citation web cs1">Bolt, J.; van Zanden, J.L. (2014). <a rel="nofollow" class="external text" href="https://www.rug.nl/ggdc/historicaldevelopment/maddison/data/mpd_2013-01.xlsx">"Maddison Project Database, version 2013"</a>. Maddison Project Database. Retrieved 3 July 2018. <q>In 2000 (cell A222), Portugal had a GDP per capita of $13,922 (in 1990 US dollars) (cell Q222) while EU-12 countries had a GDP per capita of $20,131 (in 1990 US dollars) (cell N222). Thus, Portuguese GDP per capita was 69,2% of EU-12 average.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Maddison+Project+Database&rft.atitle=Maddison+Project+Database%2C+version+2013&rft.date=2014&rft.aulast=Bolt&rft.aufirst=J.&rft.au=van+Zanden%2C+J.L.&rft_id=https%3A%2F%2Fwww.rug.nl%2Fggdc%2Fhistoricaldevelopment%2Fmaddison%2Fdata%2Fmpd_2013-01.xlsx&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-The_Atlantic_2013-18">^ <a href="#cite_ref-The_Atlantic_2013_18-0">a</a> <a href="#cite_ref-The_Atlantic_2013_18-1">b</a> <a href="#cite_ref-The_Atlantic_2013_18-2">c</a> <a href="#cite_ref-The_Atlantic_2013_18-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'Brien2013" class="citation web cs1">O'Brien, Mathew (5 June 2013). <a rel="nofollow" class="external text" href="https://www.theatlantic.com/business/archive/2013/06/the-mystery-of-why-portugal-is-so-doomed/276371/">"The Mystery of Why Portugal Is So Doomed"</a>. The Atlantic. Retrieved 28 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Mystery+of+Why+Portugal+Is+So+Doomed&rft.pub=The+Atlantic&rft.date=2013-06-05&rft.aulast=O%27Brien&rft.aufirst=Mathew&rft_id=https%3A%2F%2Fwww.theatlantic.com%2Fbusiness%2Farchive%2F2013%2F06%2Fthe-mystery-of-why-portugal-is-so-doomed%2F276371%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-19"><a href="#cite_ref-19">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDomingos2002" class="citation web cs1 cs1-prop-foreign-lang-source">Domingos, Ricardo (25 July 2002). <a rel="nofollow" class="external text" href="https://www.jornaldenegocios.pt/economia/detalhe/defice_orcamental_nacional_atingiu_os_41_do_pib_em_2001_act">"Défice orçamental nacional atingiu os 4,1% do PIB em 2001"</a> [National budget deficit was 4.1% of the GDP in 2001] (in Portuguese). 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Retrieved 28 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=D%C3%A9fice+or%C3%A7amental+nacional+atingiu+os+4%2C1%25+do+PIB+em+2001&rft.pub=Jornal+de+Neg%C3%B3cios&rft.date=2002-07-25&rft.aulast=Domingos&rft.aufirst=Ricardo&rft_id=https%3A%2F%2Fwww.jornaldenegocios.pt%2Feconomia%2Fdetalhe%2Fdefice_orcamental_nacional_atingiu_os_41_do_pib_em_2001_act&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-2005_EC_Report-20">^ <a href="#cite_ref-2005_EC_Report_20-0">a</a> <a href="#cite_ref-2005_EC_Report_20-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCommission_of_the_European_Communities2005" class="citation report cs1"><a rel="nofollow" class="external text" href="http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/104-03/2005-06-22_pt_104-3_working_document_en.pdf">Technical document by the Commission Services accompanying the Report on Portugal prepared in accordance with Article 104(3) of the Treaty</a> (PDF) (Report). Commission of the European Communities. 22 July 2005. Retrieved 28 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Technical+document+by+the+Commission+Services+accompanying+the+Report+on+Portugal+prepared+in+accordance+with+Article+104%283%29+of+the+Treaty&rft.pub=Commission+of+the+European+Communities&rft.date=2005-07-22&rft_id=http%3A%2F%2Fec.europa.eu%2Feconomy_finance%2Feconomic_governance%2Fsgp%2Fpdf%2F30_edps%2F104-03%2F2005-06-22_pt_104-3_working_document_en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-FOOTNOTECommission_of_the_European_Communities20058-21">^ <a href="#cite_ref-FOOTNOTECommission_of_the_European_Communities20058_21-0">a</a> <a href="#cite_ref-FOOTNOTECommission_of_the_European_Communities20058_21-1">b</a> <a href="#CITEREFCommission_of_the_European_Communities2005">Commission of the European Communities 2005</a>, p. 8. </li> <li id="cite_note-FOOTNOTECommission_of_the_European_Communities200513-22"><a href="#cite_ref-FOOTNOTECommission_of_the_European_Communities200513_22-0">^</a> <a href="#CITEREFCommission_of_the_European_Communities2005">Commission of the European Communities 2005</a>, p. 13. </li> <li id="cite_note-FOOTNOTECommission_of_the_European_Communities20052-23"><a href="#cite_ref-FOOTNOTECommission_of_the_European_Communities20052_23-0">^</a> <a href="#CITEREFCommission_of_the_European_Communities2005">Commission of the European Communities 2005</a>, p. 2. </li> <li id="cite_note-FOOTNOTECommission_of_the_European_Communities200511-24"><a href="#cite_ref-FOOTNOTECommission_of_the_European_Communities200511_24-0">^</a> <a href="#CITEREFCommission_of_the_European_Communities2005">Commission of the European Communities 2005</a>, p. 11. </li> <li id="cite_note-25"><a href="#cite_ref-25">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.publico.pt/2005/06/22/mundo/noticia/programa-do-governo-para-reduzir-o-defice-levanta-duvidas-a-comissao-1226415">"Programa do Governo para reduzir o défice levanta dúvidas à Comissão"</a> [Government’s plan to reduce deficit raises doubts to Commission] (in Portuguese). Público. 22 June 2005. Retrieved 4 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Programa+do+Governo+para+reduzir+o+d%C3%A9fice+levanta+d%C3%BAvidas+%C3%A0+Comiss%C3%A3o&rft.pub=P%C3%BAblico&rft.date=2005-06-22&rft_id=https%3A%2F%2Fwww.publico.pt%2F2005%2F06%2F22%2Fmundo%2Fnoticia%2Fprograma-do-governo-para-reduzir-o-defice-levanta-duvidas-a-comissao-1226415&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-26"><a href="#cite_ref-26">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.publico.pt/2005/06/08/jornal/pec-portugues-foi-bem-recebido-pelo-eurogrupo-24528">"PEC português foi bem recebido pelo Eurogrupo"</a> [Portugal’s Stability and Growth Programme was well received by Eurogroup] (in Portuguese). Público. 8 June 2005. Retrieved 4 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=PEC+portugu%C3%AAs+foi+bem+recebido+pelo+Eurogrupo&rft.pub=P%C3%BAblico&rft.date=2005-06-08&rft_id=https%3A%2F%2Fwww.publico.pt%2F2005%2F06%2F08%2Fjornal%2Fpec-portugues-foi-bem-recebido-pelo-eurogrupo-24528&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-27"><a href="#cite_ref-27">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://www.publico.pt/2005/07/15/economia/noticia/portugal-tem-ate-2008-para-corrigir-defice-publico-1228310">"Portugal tem até 2008 para corrigir défice público"</a> [Portugal has till 2008 to correct deficit] (in Portuguese). Público. 15 July 2005. 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Retrieved 4 July 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=PEC+portugu%C3%AAs+%C3%A9+hoje+aprovado+em+Bruxelas&rft.pub=P%C3%BAblico&rft.date=2005-07-12&rft_id=https%3A%2F%2Fwww.publico.pt%2F2005%2F07%2F12%2Fjornal%2Fpec-portugues-e-hoje-aprovado-em-bruxelas-29844&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010%E2%80%932014+Portuguese+financial+crisis" class="Z3988"> </li> <li id="cite_note-29"><a href="#cite_ref-29">^</a> A economia continuou a registrar positivos, porém pequenos, índices de crescimentos em 2005 (0.8%) e 2006 (1.4%). </li> <li id="cite_note-30"><a href="#cite_ref-30">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://fronteirasxxi.pt/wp-content/uploads/2017/06/Infografia-A-economia-portuguesa-no-div%C3%A3.pdf">"A economia portuguesa no divã"</a> [The Portuguese economy at the divan] (PDF) (in Portuguese). RTP. June 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180705150929/https://fronteirasxxi.pt/wp-content/uploads/2017/06/Infografia-A-economia-portuguesa-no-div%C3%A3.pdf">Archived</a> (PDF) from the original on 5 July 2018. 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title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:European_sovereign-debt_crisis" title="Special:EditPage/Template:European sovereign-debt crisis"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Great_Recession_in_Europe" style="font-size:114%;margin:0 4em"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> in <a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Europe</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By country</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">Belgium</a>1</li> <li><a href="/wiki/2012%E2%80%9313_Cypriot_financial_crisis" class="mw-redirect" title="2012–13 Cypriot financial crisis">Cyprus</a>1</li> <li><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greece</a>1</li> <li><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">Iceland</a></li> <li><a href="/wiki/Post-2008_Irish_economic_downturn" title="Post-2008 Irish economic downturn">Ireland</a>1</li> <li><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">Latvia</a>1</li> <li><a class="mw-selflink selflink">Portugal</a>1</li> <li><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">Russia</a></li> <li><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">Spain</a>1</li> <li><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">Ukraine</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Responses</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">By region</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anti-austerity_movement_in_Greece" title="Anti-austerity movement in Greece">Greece</a></li> <li><a href="/wiki/Anti-austerity_protests_in_Ireland" class="mw-redirect" title="Anti-austerity protests in Ireland">Ireland</a></li> <li><a href="/wiki/Anti-austerity_movement_in_Portugal" title="Anti-austerity movement in Portugal">Portugal</a></li> <li><a href="/wiki/Anti-austerity_movement_in_Spain" title="Anti-austerity movement in Spain">Spain</a></li> <li><a href="/wiki/Anti-austerity_movement_in_the_United_Kingdom" title="Anti-austerity movement in the United Kingdom">United Kingdom</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Specific</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2009_Icelandic_financial_crisis_protests" title="2009 Icelandic financial crisis protests">Icelandic financial crisis protests</a> (2009)</li> <li><a href="/wiki/2009_May_Day_protests#Europe" title="2009 May Day protests">May Day protests across Europe</a> (2009)</li> <li><a href="/wiki/2010_French_pension_reform_strikes" title="2010 French pension reform strikes">French pension reform strikes</a> (2010)</li> <li><a href="/wiki/2010_student_protest_in_Dublin" title="2010 student protest in Dublin">Irish students</a> (2010)</li> <li><a href="/wiki/March_for_a_Better_Way" title="March for a Better Way">March for a Better Way</a> (2010)</li> <li><a href="/wiki/2010_United_Kingdom_student_protests" title="2010 United Kingdom student protests">UK students</a> (2010)</li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Background</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" title="Economic and Monetary Union of the European Union">Economic and Monetary Union of the European Union</a></li> <li><a href="/wiki/European_social_model" title="European social model">European social model</a></li> <li><a href="/wiki/Icelandic_outvasion" title="Icelandic outvasion">Icelandic outvasion</a></li> <li><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">Irish banking crisis</a> <ul><li><a href="/wiki/Anglo_Irish_Bank" title="Anglo Irish Bank">Anglo Irish Bank</a></li> <li><a href="/wiki/Anglo_Irish_Bank_hidden_loans_controversy" title="Anglo Irish Bank hidden loans controversy">Hidden loans</a></li> <li><a href="/wiki/Anglo_Irish_Bank_Corporation_Act_2009" title="Anglo Irish Bank Corporation Act 2009">Nationalisation</a></li></ul></li> <li><a href="/wiki/Irish_emergency_budget,_2009" class="mw-redirect" title="Irish emergency budget, 2009">Irish emergency budget</a></li> <li><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale trading loss</a></li> <li><a href="/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package">United Kingdom bank rescue package</a></li> <li><a href="/wiki/2010_European_Union_bank_stress_test" title="2010 European Union bank stress test">2010 European Union bank stress test</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related articles</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_countries_by_public_debt" class="mw-redirect" title="List of countries by public debt">List of countries by public debt</a></li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a></li> <li><a href="/wiki/PIGS_(economics)" title="PIGS (economics)">PIIGS</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li>1 See: <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Bank_run" title="Bank run">Bank run</a></li> <li><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></li> <li><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></li> <li><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></li> <li><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></li> <li><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a> <ul><li><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></li></ul></li> <li><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></li> <li><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></li> <li><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a> <ul><li><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></li> <li><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></li> <li><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></li> <li><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></li></ul></li> <li><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></li> <li><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></li> <li><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></li> <li><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a> (1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</li> <li><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</li> <li><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</li> <li><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a> (1621–1623)</li> <li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</li> <li><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a> (1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></li> <li><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></li> <li><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></li> <li><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></li> <li><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></li> <li><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</li> <li><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856) <ul><li><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></li> <li><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></li></ul></li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a> (1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></li> <li><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></li> <li><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></li> <li><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</li> <li><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></li> <li><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></li> <li><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</li> <li><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></li> <li><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a> (1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</li> <li><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</li> <li><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</li> <li><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></li> <li><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></li> <li><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a> (1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</li> <li><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a> (1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</li> <li><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></li> <li><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></li> <li><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a> (1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</li> <li><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></li> <li><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></li> <li><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></li> <li><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</li> <li><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</li> <li><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></li> <li><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></li> <li><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/ <a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a> (1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</li> <li><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</li> <li><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></li> <li><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></li> <li><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></li> <li><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</li> <li><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</li> <li><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></li> <li><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></li> <li><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</li> <li><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</li> <li><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></li> <li><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></li> <li><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></li> <li><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></li> <li><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</li> <li><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></li> <li><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</li> <li><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></li> <li><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></li> <li><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></li> <li><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></li> <li><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></li> <li><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></li> <li><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</li> <li><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</li> <li><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</li> <li><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></li> <li><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></li> <li><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></li> <li><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></li> <li><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></li> <li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</li> <li><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></li> <li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></li> <li><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> (2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a> <ul><li><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></li> <li><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></li> <li><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></li> <li><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></li> <li><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></li> <li><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></li> <li><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></li> <li><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></li> <li><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></li> <li><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></li> <li><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></li> <li><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></li> <li><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></li> <li><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></li> <li><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></li> <li><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></li> <li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a> (2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></li> <li><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></li> <li><a class="mw-selflink selflink">2010–2014 Portuguese financial crisis</a></li> <li><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</li> <li><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</li> <li><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></li> <li><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></li> <li><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></li> <li><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></li> <li><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</li> <li><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></li> <li><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</li> <li><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></li> <li><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></li> <li><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></li> <li><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></li> <li><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</li> <li><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</li> <li><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></li> <li><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</li> <li><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</li> <li><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</li> <li><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a> <ul><li><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></li> <li><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></li> <li><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></li></ul></li> <li><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</li> <li><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></li> <li><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></li> <li><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</li> <li><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></li> <li><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></li> <li><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></li> <li><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></li> <li><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></li> <li><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></li> <li><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=2010–2014_Portuguese_financial_crisis&oldid=1217789030">https://en.wikipedia.org/w/index.php?title=2010–2014_Portuguese_financial_crisis&oldid=1217789030</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:2010_in_Portugal" title="Category:2010 in Portugal">2010 in Portugal</a></li><li><a href="/wiki/Category:2011_in_Portugal" title="Category:2011 in Portugal">2011 in Portugal</a></li><li><a href="/wiki/Category:2012_in_Portugal" title="Category:2012 in Portugal">2012 in Portugal</a></li><li><a href="/wiki/Category:2013_in_Portugal" title="Category:2013 in Portugal">2013 in Portugal</a></li><li><a href="/wiki/Category:2014_in_Portugal" title="Category:2014 in Portugal">2014 in Portugal</a></li><li><a href="/wiki/Category:2010_in_economic_history" 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