
Contents
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1 From Problematic Laggard to Star of the South? The Comparative Significance of the Portuguese Case
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43.1 Introduction 43.1 Introduction
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43.2 Capitalising on Constraint: The Dilemma Between Responsiveness and Responsibility 43.2 Capitalising on Constraint: The Dilemma Between Responsiveness and Responsibility
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43.3 From Economic Crisis to Political Crisis: 2008–2011 43.3 From Economic Crisis to Political Crisis: 2008–2011
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43.4 The Troika Comes to Town: 2011–2014 43.4 The Troika Comes to Town: 2011–2014
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43.5 When the Lenders Go Away: 2014–2019 43.5 When the Lenders Go Away: 2014–2019
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43.6 Conclusion 43.6 Conclusion
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References References
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43 Bailout Politics in Portugal (2008–2020)
Get accessCatherine Moury is Associate Professor at FCSH-UNL, Portugal
Elisabetta De Giorgi is Assistant Professor at the University of Trieste, Italy
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Published:20 October 2022
Cite
Abstract
In 2011, Portugal was one of the countries that were most dramatically hit by the emerging Eurozone crisis. As its cost of borrowing rose dramatically, the country faced both a political and an economic crisis, resulting in the fall of the government and in requesting a bailout. This bailout was conditional on Portugal undertaking public spending cuts and structural reforms across numerous sectors. In this chapter we show that, during this period, the Portuguese government had some room for manoeuvre to advocate for new policies, and to resist, shape or roll back some of the policies demanded by external actors. We also provide some examples of times when domestic actors were able to exploit the constraint of conditionality to their own advantage. The chapter concludes by looking at what happened after the bailout and showing that Portuguese governments could use their discretion to reverse measures in order to attain the greatest benefits at a lower cost.
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