Portugal: when fiction becomes reality

The author contends that austerity policies in Portugal have led to a 'social emergency,' characterized by rising poverty, historic unemployment, and an exodus of young people. The text claims these measures increased public debt to over 126% of GDP while causing a recession and the 'uncontrolled exploitation of the natural resources.' It advocates for a debt renegotiation led by the Portuguese State, citing the 1953 London Agreement as a precedent, to prioritize citizens over financial markets.

• The austerity strategy imposed on Portugal is described as a failure that has increased public debt rather than reducing it, leading to a recession and the exploitation of natural resources.
• Economic indicators in early 2013 contradicted Troika predictions, with GDP falling by 4% in the first three months and public debt exceeding 126% of GDP.
• The social impact of austerity includes poverty affecting approximately 2.5 million people (one quarter of the population) and unemployment exceeding one million people, with 40% of youth unemployed.
• Economic hardship has triggered a mass emigration of approximately 360,000 people over three years, a scale the author compares to the exodus during the Salazar dictatorship in the 1960s.
• The author calls for an urgent debt renegotiation led by the Portuguese State, referencing the 1953 London Agreement as a historical example of partial debt relief and renegotiated terms.

APA

Castro, I. (2013). Portugal: when fiction becomes reality. Green European Journal. https://www.greeneuropeanjournal.eu/portgual-when-fiction-becomes-reality/

Chicago

Castro, Isabel. Portugal: when fiction becomes reality. Green European Journal, 2013. https://www.greeneuropeanjournal.eu/portgual-when-fiction-becomes-reality/.

Wikipedia

{{cite press release |last1=Castro |first1=Isabel |title=Portugal: when fiction becomes reality |publisher=Green European Journal |date=7 June 2013 |url=https://www.greeneuropeanjournal.eu/portgual-when-fiction-becomes-reality/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{castro2013portugal, author = {Castro, Isabel}, title = {{Portugal: when fiction becomes reality}}, publisher = {Green European Journal}, year = {2013}, month = jun, url = {https://www.greeneuropeanjournal.eu/portgual-when-fiction-becomes-reality/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }