The economy of Greece is the 54th largest in the world, with a nominal gross domestic product (GDP) of $250.276 billion per annum. In terms of purchasing power parity, Greece is the world's 55th largest economy, at $430.125 billion per annum. As of 2023, Greece is the sixteenth largest economy in the European Union and eleventh largest in the eurozone. According to the International Monetary Fund's figures for 2024, Greece's GDP per capita is $23,966 at nominal value and $41,188 at purchasing power parity.
The economy of Spain is a highly developed social market economy. It’s the world's 15th largest by nominal GDP and the sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization. In 2021, Spain was the twentieth-largest exporter in the world and the sixteenth-largest importer. Spain is listed 27th in the United Nations Human Development Index and 37th in GDP per capita by the World Bank. Some of the main areas of economic activity are the automotive industry, medical technology, chemicals, shipbuilding, tourism and the textile industry. Among OECD members, Spain has a highly efficient and strong social security system, which comprises roughly 23.2% of GDP.
Sporting Clube de Portugal, otherwise referred to as Sporting CP or simply Sporting, or as Sporting Lisbon in other countries, is a Portuguese sports club based in Lisbon. Having various sports departments and sporting disciplines, it is best known for its men's professional football team playing in the Primeira Liga, the top flight of Portuguese football.
José Sócrates Carvalho Pinto de Sousa, commonly known as José Sócrates, is a Portuguese politician who was the prime minister of Portugal from 12 March 2005 to 21 June 2011. For the second half of 2007, he acted as the president-in-office of the Council of the European Union.
While the Hungarian government has been planning since 2003 to replace the Hungarian forint with the euro, as of 2023, there is no target date and the forint is not part of the European Exchange Rate Mechanism. An economic study in 2008 found that the adoption of the euro would increase foreign investment in Hungary by 30%, although current governor of the Hungarian National Bank and former Minister of the National Economy György Matolcsy said they did not want to give up the country's independence regarding corporate tax matters.
José Manuel Rodrigues "Joe" BerardoGCIH, ComIH, is a Portuguese and South African businessman, investor, and art collector. According to Portuguese magazine Exame, he had an estimated net worth of €598 million in 2010, making him one of the wealthiest people in Portugal at the time. Starting around the 2010–2014 Portuguese financial crisis when both the Portuguese Republic finances and banking system collapsed, he has been involved in several controversies and legal issues which have led to the arrestment of his bank accounts, his companies' assets and himself due to ongoing legal investigations.
Filipe Jacinto Nyusi is a Mozambican politician serving since 2015 as the fourth President of Mozambique. He is the current leader of FRELIMO, the party that has governed Mozambique since its independence from Portugal in 1975. Additionally, he has served as the Chairman of the Southern African Development Community since August 2020. During his time in office, President Nyusi has promoted peace and security, and signed multiple agreements with the main opposition parties, RENAMO, to bring a definitive and lasting peace to Mozambique.
As of December 2022, Portugal had 1,683,829 inhabitants that were born in a foreign country, out of 10,467,366 inhabitants, accounting for 16.1% of its total population.
The economy of Portugal is ranked 34th in the World Economic Forum's Global Competitiveness Report for 2019. The great majority of the international trade is done within the European Union (EU), whose countries received 71.4% of the Portuguese exports and were the origin of 74.6% of the Portuguese imports in 2020. The Portuguese currency is the euro (€) and the country has been a part of the Eurozone since its inception. Portugal's central bank is the Banco de Portugal, which forms part of the European System of Central Banks, and the major stock exchange is the Euronext Lisbon.
The 2009 Portuguese legislative election was held on 27 September, to renew all 230 members of the Assembly of the Republic. The Socialist Party, led by incumbent Prime Minister José Sócrates, won the largest number of seats, but didn't repeat the overall majority they gained in 2005.
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
PIGS is a derogatory acronym that has been used to designate the economies of the Southern European countries of Portugal, Italy, Greece, and Spain. During the European debt crisis of 2009–14 the variant PIIGS, or GIPSI, was coined to include Ireland. At the time these five EU member states were struggling to refinance their government debt or to bail out over-indebted banks.
Greece faced a sovereign debt crisis in the aftermath of the financial crisis of 2007–2008. Widely known in the country as The Crisis, it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country.
The 2010–2014 Portuguese financial crisis was part of the wider downturn of the Portuguese economy that started in 2001 and possibly ended between 2016 and 2017. The period from 2010 to 2014 was probably the hardest and more challenging part of the entire economic crisis; this period includes the 2011–14 international bailout to Portugal and was marked by intense austerity 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 Great Recession started to hit Portugal 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 debt crisis, Portugal applied in April 2011 for bail-out programs and drew a cumulated €78 billion from the IMF, the EFSM, and the EFSF. Portugal exited the bailout in May 2014, the same year that positive economic growth re-appeared following three years of recession. The government achieved a 2.1% budget deficit in 2016 and in 2017 the economy grew 2.7%.
The Economic Adjustment Programme for Portugal, usually referred to as the Bailout programme, is a Memorandum of understanding on financial assistance to the Portuguese Republic in order to cope with the 2010–14 Portuguese financial crisis.
Augusto Ernesto dos Santos Silva is a Portuguese sociologist, university professor, and politician who served as the President of the Assembly of the Republic between 2022 and 2024, in the 15th Legislature. From November 2015 to March 2022, he was the Portuguese Minister of Foreign Affairs, in the XXI and XXII Constitutional Governments led by Prime Minister António Costa.
The XVIII Constitutional Government of Portugal was the 18th government of the Third Portuguese Republic, under the Portuguese Constitution of 1976. It was in office from 26 October 2009 to 21 June 2011, and was formed by the members of the Socialist Party (PS). José Sócrates, leader of the PS, served as Prime Minister.
Mário José Gomes de Freitas Centeno is a Portuguese economist, university professor, and politician. From 2015 to 2020, he was Minister of Finance of Portugal in the government cabinet of Prime Minister António Costa of the Portuguese Socialist Party (PS). He was the president of the Eurogroup and chairman of the board of Governors of the European Stability Mechanism from 2018 to 2020. Previously, he was a board member economist of the Bank of Portugal. On 9 June 2020, he announced his resignation from the Ministry of Finance, effective 15 June. On 16 July 2020, the Council of Ministers approved Centeno's nomination for the post of Governor of the Bank of Portugal, put forward by his successor as Finance minister, João Leão. Centeno is the author or co-author of several scientific publications, books and book chapters related to his areas of interest, such as labour economics, econometrics, microeconomics and contract theory.
The Liberal Initiative, often simply IL is a liberal political party in Portugal. Founded in 2017, it is currently led by Rui Rocha. The party sits on the centre-right of the political spectrum and has been described as being on the political right by academics and journalists.
Volt Portugal is a Eurofederalist party in Portugal. It is affiliated with Volt Europa and was officially registered in June 2020 as the 25th party in the country. Volt has contested several local elections and participated in the 2022 national parliamentary elections.
