It has got so bad, the Portuguese Prime Minister has been quoted as saying the young Portuguese, should show more effort and leave the country to get a job. A Europa está estagnada. Portugal reduziu déficit fiscal ao mesmo tempo em que aumentava salários e pensões, ... aposentadorias e horas trabalhadas aos níveis anteriores à crise econômica de 2008. – from £6.99. Portugal e a crise do Subprime A crise financeira que neste momento o Mundo atravessa a um nível global iniciou-se nos Estados Unidos com a crise do subprime. Qual devia ser o ritmo «razoável» de crescimento para uma economia como a portuguesa? Essas pessoas encontram-se revoltadas e insatisfeitas, pois eles não se sentem responsáveis pela recessão econômica e não estão dispostas a pagarem pelo preço exigido para solucionar os problemas da crise. [38] Bento also points out that Euro was the root cause for many 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 European debt crisis (and were, to a great extent, more to important to explain the crisis than states' public finances). 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. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. After the financial crisis of 2007–2008, it was known in 2008–2009 that two Portuguese banks (Banco Português de Negócios (BPN) and Banco Privado Português (BPP)) had been accumulating losses for years due to bad investments, embezzlement and accounting fraud. 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. [47] In the first quarter of 2010, before pressure from the markets, Portugal had one of the best rates of economic recovery in the EU. [38] For Ricardo Reis, 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. É o caso, por exemplo, do … [38][39][40] Vítor Bento also thinks that the belonging to a currency union created numerous challenges to which the Portuguese economy was not able to adapt. 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. No terceiro trimestre deste ano, a economia portuguesa superou a dimensão que tinha antes da crise. 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. [38] Such hypothesis was eventually the basis for the austerity requested as conditionality for the 2011–2014 European Union/IMF bailout. To prevent an insolvency situation in the debt crisis, Portugal applied in April 2011 for bail-out programs and drew a cumulated €78.0 billion from the International Monetary Fund (IMF), the European Financial Stabilisation Mechanism (EFSM), and the European Financial Stability Facility (EFSF). Official data said the French economy will probably contract by 0.1% in both the third and fourth quarters of 2008, following a 0.3% contraction between April and June. [46], 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. They were pioneers of the Hardcore/punk '80's movement in Portugal, along … In 2016, Portugal registered a 14-year sequence of continuous increases in, In 2016, combined sovereign and personal debt in Portugal was the 5th largest in the Eurozone, reaching a combined 390% of GDP. In 2008, the Portuguese current account deficit was over 12% of GDP. A um ano das eleições, o Governo já tem uma desculpa: "A crise financeira está a chegar a Portugal." 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. Unsurprisingly, the austerity measures are leading to widespread protest and concern the relatively new Portuguese democracy could be threatened by the spectre of mass-unemployment. Para muitos portugueses, crise econômica já é uma lembrança distante Crise forçou Portugal a pedir ajuda à UE e ao FMI em 2011; em troca de um plano de resgate, a … ‘They should show more effort’ and ‘leave their comfort zone.’ (FT) He suggested that teachers unable to find a job at home should think about emigrating to Angola or Brazil. Ao fato, deve-se inúmeras razões, diferente da outra grande crise do sistema, ocorrida em 1929, com a quebra da bolsa nova-iorquina. Between 2009-16 the Portugal economic experienced a severe economic crisis – characterised by falling GDP, high unemployment, rising government debt and high bond yields. a crise do sÉculo xiv em portugal Os problemas e dificuldades que se fizeram sentir na Euro­pa, na 2ª metade do século XIV, atingiram também Portugal Logo em 1348, a Peste Negra chegou ao nosso país. A Crise Económica de 2008 João Azenhas nº26 Turma Bravo 46º C.F.S. segunda-feira, 13 de outubro de 2008. In September 2010, the Portuguese Government announced a fresh austerity package following other Eurozone partners, through a series of tax hikes and salary cuts for public servants. 46, 2015, págs. XIV na Europa A depressão do século XIV atingiu primeiro os campos, com os maus anos agrícolas, provocando o abandono progressivo da agricultura. I hate the word ‘austerity’ because it seems to mean cutting back on business in an attempt to pay debts, whereas really business should be increased. Este é o corolário de uma das mais antigas ideias da teoria económica, a hipótese da convergência. Jornais Nacionais de 28 de novembro de 2020. Figura 1. This was a reflection of this decline in competitiveness relative to the rest of the Eurozone. In 2009, the deficit had been 9.4 percent, one of the highest in the Eurozone and well above the European Union's Stability and Growth Pact three percent limit. [29] That year, the economy grew 2.4%, the highest rate in the decade (excluding 2000). If you continue browsing the site, you agree to the use of cookies on this website. The financial crisis of 2008, still far from over, has done severe damage to the reputation of the free market. The 2008–2014 Spanish financial crisis, also known as the Great Recession in Spain or the Great Spanish Depression, began in 2008 during the world financial crisis of 2007–08. Germany and France, the healthy ones, are suffering from a global economic malaise. É … Unfortunately unions and the state are very powerful here, so they hang on to money as the private business disappears. In other European nations, meanwhile, wages have increased by between 25% and 35% (. Our site uses cookies so that we can remember you, understand how you use our site and serve you relevant adverts and content. 77-93 Idioma: portugués Enlaces. Desde 2008, quando a crise estourou nos países europeus, milhares de pessoas contrárias às medidas adotadas pelo governo saíram em manifestações na Grécia. Este artigo faz parte da série Análises da Economia Portuguesa em tempos de Covid-19, iniciativa do PROSPER - Center of Economics for Prosperity, e representa algumas das conclusões do estudo Quem arcará com os custos da crise Covid-19: Análise de empregos em risco em Portugal. This page was last edited on 26 November 2020, at 17:27. A crise de 2008 começou nos anos 90 e tem uma série de características únicas e sem precedentes. O ministro das Finanças argumentou que Portugal está “incomparavelmente melhor dotado do ponto de vista económico e financeiro” para enfrentar uma crise do que em 2008, nas finanças públicas e nas empresas e famílias. Higher taxes also reduced disposable income. English. [12][13][14], 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)[6] which made the country's GDP per capita to rise from 39% of the Northern-Central European average in 1960[15] to 70% in 2000. Press release. [47] 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. The yield on the country's 10-year government bonds reached 7 percent – a level the Portuguese Finance Minister Fernando Teixeira dos Santos had previously said would require the country to seek financial help from international institutions. 10/11/2020. It reduced internal consumption partly due to less money in private hands (and I mean, making people VERY poor) and businesses closing. Curioso é que, segundo a reportagem da BBC Brasil, “Portugal chegou a ensaiar um forte pacote de austeridade entre 2011 e 2014”, ou seja, o crescimento retornou durante o período da política de austeridade. Crise Total were formed in 1983 in two Lisbon suburbs (Algueirão and Portela). La crise financière de 2007/08 a touché simultanément de? O presente relatório é … [50], In the first half of 2011, Portugal requested a €78 billion IMF-EU bailout package in a bid to stabilise its public finances. On 23 March 2011, José Sócrates resigned following passage of a no confidence motion sponsored by all five opposition parties in parliament over spending cuts and tax increases. Europe’s approach to the crisis has evolved in three phases (Caldas, 2013): financial (March-December 2008), economic (December 2008 But the … Meanwhile, the government reported a 2.6% budget deficit in 2008 which rose to almost 10% in 2009. Tese de Mestrado em Gestão e Políticas PúblicasEsta dissertação de Mestrado pretende analisar o papel dos governos da Islândia, da Bélgica e de Portugal na atual crise económico-financeira, procurando auferir se os mesmos foram atores determinantes na gestão dessa crise no período de 2008 a 2011, através do método explicativo comparativo. With much of the young skilled labour force now gone, the government will have to pay for this spiral of debt with pensions. Economia. Nouriel Roubini, o profeta da crise de 2008, vem a Portugal falar da economia pós-Covid Leonor Mateus Ferreira. The rise in unemployment and fall in tax revenues have placed greater strain on the government’s budget, Despite the cost of current austerity, the draft 2013 budget proposes even more austerity measures including  “enormous” tax increases, including the raising of average income-tax rates by as much as a third. This caused the government to pursue emergency austerity measures. Desses balanços podemos retirar que as análises … A crise financeira em Portugal de 2010–2014 iniciou-se como parte da crise financeira global de 2007–2008, desenvolvendo-se no contexto da crise da dívida pública da Zona Euro, que afetou principalmente os países europeus meridionais e a Irlanda. A hipótese é simples: enquanto os países mais ricos estão na fronteira do conhecimento, e portanto só podem crescer na medida em qu… Em se tratando do momento de instabilidade, todas as empresas seguiram o mesmo comportamento do Índice Bovespa, com grande volatilidade nos primeiros meses da crise. Excellent presentation of the facts. crise económica de 2008-2012 na dinâmica das empresas portuguesas”. [10] Meanwhile, the government reported a 2.6% budget deficit in 2008 which rose to almost 10% in 2009. portugal: efeitos da crise de 2007-2008 60 observatÓrio das migraÇÕes manual de identidade corporativa acm acm. 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. A crise financeira internacional, desencadeada em 2008, nos Estados Unidos, teve repercussões desastrosas para a economia da zona do euro e atingiu Portugal em cheio. [42][38] It is noteworthy that from 2000 to 2007, taxes as share of GDP increased 1.7% in Portugal but declined 0.9% in Eurozone. XIV Prof.ª Mariana Gregório História Raquel nº 18 Cláudia nº5 Índice Crise do séc. Itália deve 120% de seu PIB. [16] 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. On joining the Euro, the Portuguese national debt was below the 60% limit set by the Maastricht criteria. A um ano das eleições, o Governo já tem uma desculpa: "A crise financeira está a chegar a Portugal." O facto da crise económica de 2008-2012, ser a maior desde os anos trinta, com repercussões em diversas áreas, representa um motivo acrescido para a escolha deste tema. Commentdocument.getElementById("comment").setAttribute( "id", "a6a2f8fbe817479f5fea5e00e6dcafdc" );document.getElementById("c01309a77d").setAttribute( "id", "comment" ); Cracking Economics In 2010, PIIGS and PIGS acronyms were widely used by international bond analysts, academics, and the international economic press when referring to these under performing economies. José Roberto Castro 14 de set de 2018 (atualizado 14/09/2018 às 19h11) Falência do banco de investimentos Lehman Brothers desencadeou a maior crise do capitalismo do planeta desde 1929. Um lugar para discutir apenas artigos relacionados com … Advantages and disadvantages of monopolies, Fears over liquidity in the Eurozone (no Central Bank willing to print money and buy bonds when needed). Mas Portugal está em crise há oito anos. Na verdade, esta tem-se revelado uma das mais graves crises dos últimos anos a ocorrer no sistema financeiro mundial. Crise mundial de 2011. [42][38] 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. Economists have variously described the proposed budget as “brutal”, “a crime against the middle class”, a “fiscal atomic bomb”. Moreover, euro area governments supported distressed financial institutions via capital transfers. A crise financeira internacional, desencadeada em 2008, nos Estados Unidos, teve repercussões desastrosas para a economia da zona do euro e atingiu Portugal em cheio. O ano de 2011 anuncia seu fim, mas sem uma saída para a crise do euro. From Jan 2010, fears over the stability of Eurozone bonds spread to Portugal, and bond yields rapidly rose to unsustainable levels. Banks more suspect about holding any Eurozone debt. ana estevens anselmo amÍlcar jennifer mcgarrigle jorge malheiros NexoEDU. nombreux pays et a conduit à une crise économique mondiale? With the rapid drop in real GDP and austerity measures, the Portuguese unemployment rate has increased at one of the fastest rates in the EU. [8], 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 Greece and Ireland), 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[9][10] and 2008–09[11][10]) and government-sponsored fiscal austerity in order to reduce the budget deficit to the limits allowed by the European Union's Stability and Growth Pact. In spite of the relevance of LC in Portugal, information available (2011) reveals that, in most European countries, the relative weight of these companies is even larger. [32][33] Austerity was somewhat waned in 2008–2010, as part of the European economy recovery plan and the resurgence of Keynesianism (which called for anti-cyclic policies), but was resumed in May 2010. Os resultados obtidos indicam que os determinantes com impacto direto na performance das seguradoras, são, para além da crise, a alavancagem financeira, a dimensão e o risco. In November risk premiums on Portuguese bonds hit euro lifetime highs as investors and creditors worried that the country would fail to rein in its budget deficit and debt. Abstract. MIGRAÇÃO E CRISE: O RETORNO DOS IMIGRANTES BRASILEIROS EM PORTUGAL Duval Fernandes* Maria da Consolação G. de Castro** Frente à crise iniciada em 2008, a migração de retorno passou a compor, em todo o mundo, a cena dos trajetos migratórios do segundo decênio do Século XXI. Afinal, eu não me lembro que em Portugal alguma vez se tenha vivido sem crise. [citation needed] This also led to a strong increase of the unemployment rate to over 15 per cent in the second quarter 2012 and it is expected to rise even further in the near future. condiÇÕes de vida e inserÇÃo laboral dos imigrantes em portugal: efeitos da crise de 2007-2008 alina esteves (coord.) [43][44][45] 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. PORTO, Portugal: Os resultados do primeiro National Oral Health Barometer, um estudo em saúde bucal realizado pela Associação Odontológica Portuguesa, indicam que a crise financeira que atingiu o mundo em 2008 teve um impacto significativo no acesso a cuidados de saúde odontológica em Portugal. Economic growth stalled in Portugal in 2001–02; following years of internal economic crisis, the (international) Great Recession started to hit Portugal[2][3] in 2008 and eventually led to the country being unable to repay or refinance its government debt without the assistance of third parties. Há ainda um agravante. [34] In 2010 there was economic growth (1.9%) but the financial status remained very difficult (8.6% budget deficit);[10][35] 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. 2002–2008: A ECONOMIA PORTUGUESA. [17] Portugal still entered well in the 2000s, registering an almost 4% GDP growth rate in 2000,[10] but growth slowed along 2001; that year's growth rate was 2.0%[10] and the unexpected slowdown was one of the causes that made the government's (still led by António Guterres) budget deficit to slip to 4.1%;[18][19] Portugal thus became the first Eurozone country to clearly break the SGP's 3% limit for the budget deficit, and thus, it was opened an excessive deficit procedure. 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 crise actual tem três grandes causas, duas conjunturais e uma estrutural. O objetivo deste trabalho foi apresentar os problemas enfrentados pela Grécia, Portugal e Espanha após à crise financeira de 2008. O problema dos PIIGS começou com a crise de 2008, e até hoje continuam se agravando cada vez mais. No devaluation to boost the competitiveness of exports. [22] By then, economy was clearly lagging behind European partners and the 2005 budget deficit was expected to be above 6% if no extraordinary measures were used. The current account was temporarily financed by capital inflows, but after the credit crunch these dried up, the ability to finance the current account declined. [1] 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 an intense austerity policy, intenser than in any other period of the wider 2001–17 crisis. Since 2000, productivity-adjusted wages have increased only 5% in Germany (they actually declined from 2000-2008). Autores: Marcelo Braz Moraes dos Reis Localización: Intervenção social, ISSN 0874-1611, Nº. Causas da Crise Económica de 2008 Consequências da Crise Económica de 2008 Conclusão Plano de Trabalhos Introdução Dois grandes "Crashes" Dois grandes "Crashes" Ideia geral Ideia geral Foi uma crise que começou no A crise financeira em Portugal de 2010–2014 iniciou-se como parte da crise financeira global de 2007–2008, desenvolvendo-se no contexto da crise da dívida pública da Zona Euro, que afetou principalmente os países europeus meridionais e a Irlanda. In this economic situation, deflationary fiscal policy has had a very high negative multiplier effect causing a substantial drop in real GDP. crise total, punk, rock, hardcore, oi!, portugal, lisboa, lisbon, diy, anarchy, nacion libre Crise Total - Bem Viva No RRV (2008) Crise Total - E A Crise Continua (1996) [31], In the end, Portuguese economy grew less on a per capita basis in the 2000s and early 2010s than the American economy during the Great Depression or the Japanese economy during the Lost Decade. In 2016, Portuguese GDP was $259 billion, up by about 3% from 2015, and 21% from its record low in 2012. 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 public servants remained very high. Os semestres considerados como crise foram do segundo semestre de 2008 ao fim do primeiro semestre de 2010, e período de pós-crise foi considerado o segundo semestre de 2010 a maio de 2011. 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. O estudo mostrou que as questões monetárias foram o principal motivo pelo qual as … [17][38] Economist Ferreira do Amaral points to the accession to Euro 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). Moody noted that the rising debt would weigh heavily on the government's short-term finances.[49]. [31], The Great Recession started to hit Portugal in 2008; that year the Portuguese economy did not grow (0.0%) and fell almost 3% in 2009. The impact of austerity measures also reduced consumer and business confidence. d’une ampleur inédite depuis la Grande Dépression. In 2008, the Portuguese current account deficit was over 12% of GDP. This was caused by a combination of the global recession, lack of competitiveness and limitations of being in the Euro. PDF (922 Kb) Tables. In 2012, it made Spain a late participant in the European sovereign debt crisis when the country was unable to bail out its financial sector and had to apply for a €100 billion rescue package provided by the European Stability … Apertem os cintos, que Portugal está sumindo. 01 mai, 2019 - 09:00 • Sandra Afonso, Rui Barros (gráficos) A Renascença olhou para os números da década para perceber como está a economia portuguesa depois da crise, da austeridade da troika e de Mário Centeno, o "Ronaldo das Finanças". La crise financière de 2008, une crise de la mondialisation ? The crisis, we are assured, was caused by the withdrawal of the state and an excess of deregulation. 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. A crise financeira mundial de 2008, ainda provoca efeitos colaterais pelo mundo, e um deles, foi exatamente o alto índice alcançado das dívidas públicas do grupo do PIIGS causando fuga de capitais e queda nas bolsas. A crise de 2008 foi o grande problema ocorrido no sistema capitalista após virada do milênio. Portugal, Itália, Irlanda, Grécia e Espanha, não puderam honrar seus compromissos financeiros criando o grupo do PIIGS (Spain em inglês). 11/24/2008 A crise lá fora (recortes) A colecção de Mirós do BPN, Banco Português de Negócios (mais 30 toneladas de moedas comemorativas dos Euro 2004) - comprar por doença . Causas da crise de 2008 Um aspecto importante a considerar quando se trata da crise econômica de 2008, a maior da história do capitalismo desde a Crise de 1929 , foi sua origem em decorrência de duas guerras – a Guerra do Afeganistão em 2001 e a Guerra do Iraque em 2003, deflagradas após os atentados terroristas de 11 de setembro de 2001 nos Estados Unidos. The Great Recession started to hit Portugal in 2008; that year the Portuguese economy did not grow (0.0%) and fell almost 3% in 2009. DESSINCRONIZADA EM RELAÇÃO À PERIFERIA. É comum ouvir que o aumento da dívida em 2009, em Portugal, foi, em parte, responsabilidade dos líderes europeus — que teria dado ordem para gastar e, assim, mitigar os efeitos da crise. 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. (See: Fiscal multipliers in Europe). A crise financeira de 2007–09, tamén coñecida crise financeira global, ... Segundo o economista estadounidense Paul Krugman, premio Nobel de economía de 2008, a economía mundial non entrou en depresión en senso propio, pero si tornou a economía da depresión. Portugal exited the bailout in May 2014,[4][5] the same year that positive economic growth re-appeared following three years of recession. Os próprios países estão extremamente endividados. Resiliência, sustentabilidade e qualidade de vida em sistemas urbanos : efeitos da crise (pós-2008) em Portugal e no sistema urbano do oeste: Author: Gonçalves, Carlos Jorge de Almeida, 1975-Advisor: Dez anos da crise de 2008: colapso, consequências e lições. Na fase financeira da crise, no último trimestre de 2008, o governo português aprovou uma “Iniciativa de Reforço da Estabilidade Financeira (IREF)” orientada para o reforço das instituições financeiras. Em Portugal, o ano de 2008 fica marcado pelas gigantescas mobilizações de professores contra a política educativa do governo. Exemplo disso é o novo código do trabalho, aprovado só com os votos do PS, e o aumento da pobreza, do [10] Nevertheless, also in 2007, the comparatively low growth rate made The Economist to describe Portugal as "a new sick man of Europe". In the period Q4 2o10 to Q4 2012, the Portuguese economy has declined over 5.3%. Portugal e Brasil na crise do antigo sistema colonial (1777-1808) by Fernando A. Novais, 1979, Editora HUCITEC edition, in Portuguese [42] Other more structural problems identified were excessive corruption and regulation, which makes difficult for business to get bigger and achieve economies-of-scale,[17] as also the low educational attainment of Portuguese adults, low total factor productivity, rigid labour market laws and an inefficient and slow judicial system.[42]. Mais fortement touché par la crise des subprimes en 2008, notamment en raison de la bulle immobilière, le pays, après plusieurs hésitations et face au danger de la faillite du secteur bancaire, accepta en 2010 un plan de sauvetage mis en place par le Fonds européen de stabilité financière, qui prévoit l'octroi de prêts allant de 80 à 90 milliards d'euros à ce pays. Crescimento económico e taxa de desemprego em in Portugal: uma história de ciclos acentuados e contraciclidade. Portuguese exporters have been losing market share to competitors since entering the common currency in 2000. Mas o que é o "subprime"? [51] 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"),[52] and as of 24 November 2012 has been more than halved to only 7.9%.