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Abstract

The origins of the European Sovereign Debt Crisis and how it affected Portugal are the main topics of this dissertation. This dissertation gives a description of the main institutions and organisations engaged in the crisis' development and demonstrates how their decisions affected the Portugal especially through new regimes of austerity. These new regimes were adopted by Portugal since the onset of the European Sovereign Debt Crisis, which followed the 2007-2008 global financial crisis. These measures made Portugal one of the countries most impacted by the European Sovereign Debt Crisis.
This dissertation also makes the case that although Portugal's adoption of the euro currency backfired during the crisis, seeing as Portugal lost complete control over its economy, as it no longer had its own currency, the adoption of the euro currency still had positive immediate effects such as the reduction of inflation, stabilisation of the Portuguese economy and improved trade with its European partners. However, these effects were halted as a result of this crisis since major cuts in public spending were done by the Portuguese government after its request for financial assistance in April 2011. From this, an official agreement between the Portuguese government and Troika was made in a Memorandum of Understanding the following month in exchange for a €78 billion bailout package which was detrimental to the Portuguese people.
This dissertation puts forward the thesis that between 2009 and 2013, the Portuguese government's austerity measures, whether they were merely agreed upon or fully implemented, did not serve the interests of the most vulnerable members of Portuguese society.

Course: International Relations with Languages - BA (Hons) - C1806

Date Deposited: 2024-01-11

URI/permalink: https://library.port.ac.uk/dissert/dis14278.html