Portugal and the Economic Crisis

Media Summary

Daily life in Lisbon as Portugal prepares to receive a 78 billion Euro bailout from the EU and IMF following increasing debt, instability among political parties, youth protests and the resignation of its Prime Minister José Socrates.

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in Politics, on the 6th of May 2011

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General view of Praca do Comercio area in central Lisbon, where the Portuguese Ministry of Finance is located. Emergency meetings with the IMF and the ECB are taking place in order to discuss a bailout package to rescue Portugal from bankruptcy.

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A flower seller waits for customers in front of the Portuguese Ministry of Finance where the emergency meetings with the IMF and the ECB, to discuss a bailout package for the Portugal, are taking place.

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People passing by the arches near the Portuguese Ministry of Finance where the emergency meetings with the IMF and the ECB, to discuss a bailout package for the Portugal, are taking place.

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A man passes by an anti-austerity message written on a traffic bollard in central Lisbon. The printed message reads: "Portugal urgently needs to take a dump otherwise it will drown in s**t".

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Maria and Gisela, two unemployed sisters, sit outside their home in central Lisbon.

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Antonio, a 72 year old pensioner, taps for money in Lisbon's tourist area.

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A homeless man taps for money outside a souvenir shop in central Lisbon.

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People pass by a shop closed due to the recession in Lisbon's commercial area.

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Tourists passing by in Lisbon's commercial area.

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Jose, a 38 unemployed man, spends the afternoon drinking beer sitting on a bench near Restauradores in central Lisbon.

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A retired woman feeds pigeons in Rossio square, central Lisbon.

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A souvenir shop owner waits for customers in central Lisbon.

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A old woman begs for money outside the National Theatre in central Lisbon.

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A young girl taps for money in central Lisbon.

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People pass by a homeless woman in central Lisbon.

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Young people enjoy the sunshine near a poster with messages calling for a general strike.

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Description:

Portugal’s financial crisis has been clouding the country for months. The vulnerable member of the European Union has witnessed increasing debt, instability among political parties, youth protests and the resignation of its Prime Minister José Socrates, after Lisbon’s parliament rejected his proposed austerity package.

Despite the government's initial claims that Portugal did not need financial aid and could resolve its fiscal problems through its own austerity measures, the country is on its way to receiving a 78 billion euro bailout, with terms, considered by EU officials, to be as ‘severe’ and no more lenient than those received by Greece and Ireland.