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Angola Bailed Out Portugal From Economic Crisis In 2011 - Foreign Affairs - Nairaland

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Angola Bailed Out Portugal From Economic Crisis In 2011 by compton11(m): 3:26am On Jul 31, 2019
Do you know?‎

Angola bailed out Portugal from recession in 2011‎.

Angola was a Portuguese colony for more than 400 years. Angola gained its independence in 1975 after a long struggle, but a devastating civil war ensued, only ending in 2002.

Beginning from 2009, Portugal experienced a severe economic crisis. This was characterised by ‎falling GDP, high unemployment, rising government debt and high bond yields.

The crisis was caused by a combination of ‎global recession (at the time), lack of competitiveness and limitations of being in the Euro.

The International Monetary Fund agreed to give Portugal a $107 billion bailout on condition that it introduce a wide range of reforms, including privatisation.

Angola bought stakes in many of the privatised companies.

Angola's investment in Portugal have risen in recent years. The figure in 2013 stood at $156 million, compared to $2.1 million in 2002.

Angolan companies now own the equivalent of 3.8% of companies listed on Portugal's stock exchange, from banks to telecoms and energy.

With billions invested in Portugal, including in some of its biggest public companies, the Angolans have bought Portuguese wineries, newspapers, sports teams, and other trophies of the super rich.

Be Bold. Be Creative.
Re: Angola Bailed Out Portugal From Economic Crisis In 2011 by acetato: 3:44am On Jul 31, 2019
Wrong.
Some shady Angolan companies owned by close relatives to the former Angolan president (José Eduardo dos Santos) bought shares from some Portuguese companies.
China was by far the country that invested the most and still didn't bailed out Portugal from recession, that was FMI and later the ECB (European Central Bank) when they started lending money with negative interest rate, meaning Portugal and Greece could actually make a profit from borrowing money.

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Re: Angola Bailed Out Portugal From Economic Crisis In 2011 by panafrican(m): 12:14pm On Jul 31, 2019
And once they get back on their feet the Portuguese will side with criminal European Union to impose sanctions on Angola for wathever reason.
Re: Angola Bailed Out Portugal From Economic Crisis In 2011 by Nobody: 7:51pm On Jul 31, 2019
Those investment were owned by Isabel dos Santos, the first daughter to president Jose Eduardo dos Santos who left office in 2017 after 38 years in power.Although the man is corrupt but I like him due to his handsome and gentle personality.

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