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Portugal in crisis
First came Greece, then Ireland and Portugal is now slipped under the EU rescue package. 78 € billion will flow out of the Union and the International Monetary Fund.
The country is going through the worst crisis of its recent past. The ever-rising debt coupled with incredible interest rates paralyzes the entire country.
Prime Minister José Sócrates end of March tripped over his budget proposal, then stepped back and opened the way for new elections on 5. June.
But how should the future look of Portugal? Why the country came to where it is now? Especially in the north, a rise in unemployment has been recorded, adopted by the immense proportions mainly because of the departure of the shoe industry. Made goods for decades whole towns with companies such as Rohde, wandered this from low-wage countries such as China. Since 1975 Liess Rohde im Norden Portugals one Feira produzieren, but at the end of last year, it closed its doors there, almost 1000 People were unemployed, in previous years have 2000 Lay off workers. The shoe company ECCO was a long time in Portugal produce, but the competition from Asia can save more production cost, ECCO also made tight.
The furniture- and textile industries do not fare differently. Not enough goods are exported, too many things have to be imported from abroad.
The restructuring towards more own industry began too late, too long has left the country on orders of foreign companies, which gradually migrated. Now lack the time and Portugal goes out of steam, while under his thick debt ceiling of 140 Billion euro threatens to suffocate.
Tourism, years a guarantee for safe income, is declining. For his savings of vacationers get in competition with countries such as Turkey more for your money. Even with the offered prices by the political situation in Tunisia and Egypt can not keep up the Algarve. As beautiful as nature presents itself, sometimes it is broken by the semi-finished apartment complexes, their investors are broke.
Thus, the crisis draws in the south of the country a hole in high employment rates.
And from everywhere one hears again the Fado sound, singing about the longing for better times, that is so typical for the country.
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