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Portuguese escudo

  • 1 Portuguese escudo

    эк. португальское эскудо (национальная валюта Португалии до введения в 2002 г. евро; 1 эскудо равно 100 сентаво; международный стандартный код — PTE)
    See:
    * * *

    Англо-русский экономический словарь > Portuguese escudo

  • 2 Portuguese escudo

    эк. португальское эскудо (национальная валюта Португалии до введения в 2002 г. евро; 1 эскудо равно 100 сентаво; международный стандартный код - PTE)
    See:

    The new English-Russian dictionary of financial markets > Portuguese escudo

  • 3 Portuguese escudo

    1) Банковское дело: португальское эскудо
    2) Деловая лексика: португальское эскудо (PTE)

    Универсальный англо-русский словарь > Portuguese escudo

  • 4 Portuguese escudo

    португальское эскудо

    Англо-русский большой универсальный переводческий словарь > Portuguese escudo

  • 5 Portuguese escudo

    португальское эскудо

    English-Russian dictionary of technical terms > Portuguese escudo

  • 6 portuguese escudo

    португальское эскудо

    English-Russian dictionary of technical terms > portuguese escudo

  • 7 Portuguese escudo

    сущ.; фин.; ист.; буквенный код PTE, цифровой код 620
    португальское эскудо (с 2002 г. заменено на евро)

    Англо-русский современный словарь > Portuguese escudo

  • 8 PTE - PORTUGUESE ESCUDO

    португальское эскудо (стандартная денежная единица Португалии); = 100 сентаво. Курс эскудо по отношению к доллару США устанавливается в виде колеблющегося курса без ограничения пределов его изменений. Ввоз и вывоз национальной валюты допускается в пределах 5000 эскудо. В денежном обращении находятся банкноты в 20, 50, 100, 500, 1000 эскудо, а также монеты в 2?, 5, 10, 25 эскудо, 10, 20 и 50 сентаво; = Esc

    Англо-русский словарь акронимов и аббревиатур, используемых в банковской и финансовой деятельности > PTE - PORTUGUESE ESCUDO

  • 9 escudo

    [es'kuːdəu], [ɪs-]
    сущ.; фин.
    1) эскудо (денежная единица Португалии (в 2002 г. заменена на евро), Тимора, Сан-Томе и Принсипи, Кабо-Верде)

    Англо-русский современный словарь > escudo

  • 10 escudo

    сущ.
    мн. escudos эк. эскудо (национальная валюта Португалии (до введения евро в 2002 г.) и Кабо-Верде; 1 эскудо = 100 сентаво)
    See:
    * * *
    Финансы/Кредит/Валюта
    денежная единица Португалии см. РТЕ

    Англо-русский экономический словарь > escudo

  • 11 escudo

    сущ.
    мн. escudos эк. эскудо (национальная валюта Португалии (до введения евро в 2002 г.) и Кабо-Верде; 1 эскудо = 100 сентаво)
    See:

    The new English-Russian dictionary of financial markets > escudo

  • 12 PTE

    4) Телекоммуникации: Path Terminal Equipment, Path Terminating Equipment (SONET)
    5) Сокращение: Page Table Entry
    6) Университет: Permission To Enroll
    7) Вычислительная техника: Packet Transport Equipment, page-table entries
    10) Фирменный знак: Private Training Establishment
    11) Валютные операции: португальское эскудо (Portuguese escudo)
    12) Инвестиции: Portuguese escudo
    14) Международная торговля: Pass Through Entity

    Универсальный англо-русский словарь > PTE

  • 13 Pte

    4) Телекоммуникации: Path Terminal Equipment, Path Terminating Equipment (SONET)
    5) Сокращение: Page Table Entry
    6) Университет: Permission To Enroll
    7) Вычислительная техника: Packet Transport Equipment, page-table entries
    10) Фирменный знак: Private Training Establishment
    11) Валютные операции: португальское эскудо (Portuguese escudo)
    12) Инвестиции: Portuguese escudo
    14) Международная торговля: Pass Through Entity

    Универсальный англо-русский словарь > Pte

  • 14 PTE

    1) эк., ист. (по ISO 4217: международный стандартный код португальского эскудо, использовавшегося до введения в Португалии евро в 2002 г.)
    See:
    2) эк., австр. сокр. от public trading enterprise
    * * *
    * * *
    . Prohibited Transaction Exemption . Special IRS Abbreviations .
    * * *
    Финансы/Кредит/Валюта
    см. Escudo

    Англо-русский экономический словарь > PTE

  • 15 kwanza

    сущ.
    мн. kwanzas или kwanza эк. кванза (национальная валюта Анголы; 1 кванза равна 100 сентимо; международный стандартный код — AOA; текущий код и название разменной монеты используются с 1999 г.; в первоначальном виде кванза была введена в 1977 г. вместо ангольского эскудо, который был привязан в отношении 1:1 к португальскому эскудо; в 1990 г. кванза была заменена "новой кванзой" (new kwanza, novo kwanza; международный стандартный код — AON); в 1995 г. была введена "скорректированная кванза" (readjusted kwanza, kwanza reajustado; международный стандартный код — AOR), просуществовавшая до 1999 г.; в период с 1977 по 1999 г. 1 кванза равнялась 100 лвей)
    See:

    Англо-русский экономический словарь > kwanza

  • 16 Portugal

    сущ.
    общ. Португалия (республика; столица — Лиссабон; государственный язык португальский; валюта — евро, до 2002 г. в качестве национальной валюты использовалось португальское эскудо)
    See:

    Англо-русский экономический словарь > Portugal

  • 17 PTE

    Англо-русский современный словарь > PTE

  • 18 PTE

    эк., ист. (по ISO 4217: международный стандартный код португальского эскудо (до введения евро в 2002 г.))
    See:

    The new English-Russian dictionary of financial markets > PTE

  • 19 Chronology

      15,000-3,000 BCE Paleolithic cultures in western Portugal.
      400-200 BCE Greek and Carthaginian trade settlements on coast.
      202 BCE Roman armies invade ancient Lusitania.
      137 BCE Intensive Romanization of Lusitania begins.
      410 CE Germanic tribes — Suevi and Visigoths—begin conquest of Roman Lusitania and Galicia.
      714—16 Muslims begin conquest of Visigothic Lusitania.
      1034 Christian Reconquest frontier reaches Mondego River.
      1064 Christians conquer Coimbra.
      1139 Burgundian Count Afonso Henriques proclaims himself king of Portugal; birth of Portugal. Battle of Ourique: Afonso Henriques defeats Muslims.
      1147 With English Crusaders' help, Portuguese seize Lisbon from Muslims.
      1179 Papacy formally recognizes Portugal's independence (Pope Alexander III).
      1226 Campaign to reclaim Alentejo from Muslims begins.
      1249 Last Muslim city (Silves) falls to Portuguese Army.
      1381 Beginning of third war between Castile and Portugal.
      1383 Master of Aviz, João, proclaimed regent by Lisbon populace.
      1385 April: Master of Aviz, João I, proclaimed king of Portugal by Cortes of Coimbra. 14 August: Battle of Aljubarrota, Castilians defeated by royal forces, with assistance of English army.
      1394 Birth of "Prince Henry the Navigator," son of King João I.
      1415 Beginning of overseas expansion as Portugal captures Moroccan city of Ceuta.
      1419 Discovery of Madeira Islands.
      1425-28 Prince D. Pedro, older brother of Prince Henry, travels in Europe.
      1427 Discovery (or rediscovery?) of Azores Islands.
      1434 Prince Henry the Navigator's ships pass beyond Cape Bojador, West Africa.
      1437 Disaster at Tangier, Morocco, as Portuguese fail to capture city.
      1441 First African slaves from western Africa reach Portugal.
      1460 Death of Prince Henry. Portuguese reach what is now Senegal, West Africa.
      1470s Portuguese explore West African coast and reach what is now Ghana and Nigeria and begin colonizing islands of São Tomé and Príncipe.
      1479 Treaty of Alcáçovas between kings of Portugal and Spain.
      1482 Portuguese establish post at São Jorge da Mina, Gold Coast (now Ghana).
      1482-83 Portuguese navigator Diogo Cão reaches mouth of Congo River and Angola.
      1488 Navigator Bartolomeu Dias rounds Cape of Good Hope, South Africa, and finds route to Indian Ocean.
      1492-93 Columbus's first voyage to West Indies.
      1493 Columbus visits Azores and Portugal on return from first voyage; tells of discovery of New World. Treaty of Tordesillas signed between kings of Portugal and Spain: delimits spheres of conquest with line 370 leagues west of Cape Verde Islands (claimed by Portugal); Portugal's sphere to east of line includes, in effect, Brazil.
       King Manuel I and Royal Council decide to continue seeking all-water route around Africa to Asia.
       King Manuel I expels unconverted Jews from Portugal.
      1497-99 Epic voyage of Vasco da Gama from Portugal around Africa to west India, successful completion of sea route to Asia project; da Gama returns to Portugal with samples of Asian spices.
      1500 Bound for India, Navigator Pedro Álvares Cabral "discovers" coast of Brazil and claims it for Portugal.
      1506 Anti-Jewish riots in Lisbon.
       Battle of Diu, India; Portugal's command of Indian Ocean assured for some time with Francisco de Almeida's naval victory over Egyptian and Gujerati fleets.
       Afonso de Albuquerque conquers Goa, India; beginning of Portuguese hegemony in south Asia.
       Portuguese conquest of Malacca; commerce in Spice Islands.
      1519 Magellan begins circumnavigation voyage.
      1536 Inquisition begins in Portugal.
      1543 Portuguese merchants reach Japan.
      1557 Portuguese merchants granted Chinese territory of Macau for trading factory.
      1572 Luís de Camões publishes epic poem, Os Lusíadas.
      1578 Battle of Alcácer-Quivir; Moroccan forces defeat army of King Sebastião of Portugal; King Sebastião dies in battle. Portuguese succession crisis.
      1580 King Phillip II of Spain claims and conquers Portugal; Spanish rule of Portugal, 1580-1640.
      1607-24 Dutch conquer sections of Asia and Brazil formerly held by Portugal.
      1640 1 December: Portuguese revolution in Lisbon overthrows Spanish rule, restores independence. Beginning of Portugal's Braganza royal dynasty.
      1654 Following Dutch invasions and conquest of parts of Brazil and Angola, Dutch expelled by force.
      1661 Anglo-Portuguese Alliance treaty signed: England pledges to defend Portugal "as if it were England itself." Queen Catherine of Bra-ganza marries England's Charles II.
      1668 February: In Portuguese-Spanish peace treaty, Spain recognizes independence of Portugal, thus ending 28-year War of Restoration.
      1703 Methuen Treaties signed, key commercial trade agreement and defense treaty between England and Portugal.
      1750 Pombal becomes chief minister of King José I.
      1755 1 November: Massive Lisbon earthquake, tidal wave, and fire.
      1759 Expulsion of Jesuits from Portugal and colonies.
      1761 Slavery abolished in continental Portugal.
      1769 Abandonment of Mazagão, Morocco, last Portuguese outpost.
      1777 Pombal dismissed as chief minister by Queen Maria I, after death of José I.
      1791 Portugal and United States establish full diplomatic relations.
      1807 November: First Napoleonic invasion; French forces under Junot conquer Portugal. Royal family flees to colony of Brazil and remains there until 1821.
      1809 Second French invasion of Portugal under General Soult.
      1811 Third French invasion of Portugal under General Masséna.
      1813 Following British general Wellington's military victories, French forces evacuate Portugal.
      1817 Liberal, constitutional movements against absolutist monarchist rule break out in Brazil (Pernambuco) and Portugal (Lisbon, under General Gomes Freire); crushed by government. British marshal of Portugal's army, Beresford, rules Portugal.
       Liberal insurrection in army officer corps breaks out in Cadiz, Spain, and influences similar movement in Portugal's armed forces first in Oporto.
       King João VI returns from Rio de Janeiro, Brazil, and early draft of constitution; era of constitutional monarchy begins.
      1822 7 September: João VI's son Pedro proclaims independence of
       Brazil from Portugal and is named emperor. 23 September: Constitution of 1822 ratified.
       Portugal recognizes sovereign independence of Brazil.
       King João VI dies; power struggle for throne ensues between his sons, brothers Pedro and Miguel; Pedro, emperor of Brazil, abdicates Portuguese throne in favor of his daughter, D. Maria II, too young to assume crown. By agreement, Miguel, uncle of D. Maria, is to accept constitution and rule in her stead.
      1828 Miguel takes throne and abolishes constitution. Sections of Portugal rebel against Miguelite rule.
      1831 Emperor Pedro abdicates throne of Brazil and returns to Portugal to expel King Miguel from Portuguese throne.
      1832-34 Civil war between absolutist King Miguel and constitutionalist Pedro, who abandons throne of Brazil to restore his young daughter Maria to throne of Portugal; Miguel's armed forces defeated by those of Pedro. Miguel leaves for exile and constitution (1826 Charter) is restored.
      1834-53 Constitutional monarchy consolidated under rule of Queen Maria II, who dies in 1853.
      1851-71 Regeneration period of economic development and political stability; public works projects sponsored by Minister Fontes Pereira de Melo.
      1871-90 Rotativism period of alternating party governments; achieves political stability and less military intervention in politics and government. Expansion of colonial territory in tropical Africa.
       January: Following territorial dispute in central Africa, Britain delivers "Ultimatum" to Portugal demanding withdrawal of Portugal's forces from what is now Malawi and Zimbabwe. Portugal's government, humiliated in accepting demand under threat of a diplomatic break, falls. Beginning of governmental and political instability; monarchist decline and republicanism's rise.
       Anglo-Portuguese treaties signed relating to delimitation of frontiers in colonial Africa.
      1899 Treaty of Windsor; renewal of Anglo-Portuguese defense and friendship alliance.
      1903 Triumphal visit of King Edward VII to Portugal.
      1906 Politician João Franco supported by King Carlos I in dictatorship to restore order and reform.
      1908 1 February: Murder in Lisbon of King Carlos I and his heir apparent, Prince Dom Luís, by Portuguese anarchists. Eighteen-year-old King Manuel II assumes throne.
      1910 3-5 October: Following republican-led military insurrection in armed forces, monarchy falls and first Portuguese republic is proclaimed. Beginning of unstable, economically troubled, parliamentary republic form of government.
       May: Violent insurrection in Lisbon overturns government of General Pimenta de Castro; nearly a thousand casualties from several days of armed combat in capital.
       March: Following Portugal's honoring ally Britain's request to confiscate German shipping in Portuguese harbors, Germany declares war on Portugal; Portugal enters World War I on Allied side.
       Portugal organizes and dispatches Portuguese Expeditionary Corps to fight on the Western Front. 9 April: Portuguese forces mauled by German offensive in Battle of Lys. Food rationing and riots in Lisbon. Portuguese military operations in Mozambique against German expedition's invasion from German East Africa. 5 December: Authoritarian, presidentialist government under Major Sidónio Pais takes power in Lisbon, following a successful military coup.
      1918 11 November: Armistice brings cessation of hostilities on Western Front in World War I. Portuguese expeditionary forces stationed in Angola, Mozambique, and Flanders begin return trip to Portugal. 14 December: President Sidónio Pais assassinated. Chaotic period of ephemeral civil war ensues.
      1919-21 Excessively unstable political period, including January
      1919 abortive effort of Portuguese monarchists to restore Braganza dynasty to power. Republican forces prevail, but level of public violence, economic distress, and deprivation remains high.
      1921 October: Political violence attains peak with murder of former prime minister and other prominent political figures in Lisbon. Sectors of armed forces and Guarda Nacional Republicana are mutinous. Year of financial and corruption scandals, including Portuguese bank note (fraud) case; military court acquits guilty military insurrectionists, and one military judge declares "the country is sick."
       28 May: Republic overthrown by military coup or pronunciamento and conspiracy among officer corps. Parliament's doors locked and parliament closed for nearly nine years to January 1935. End of parliamentary republic, Western Europe's most unstable political system in this century, beginning of the Portuguese dictatorship, after 1930 known as the Estado Novo. Officer corps assumes reins of government, initiates military censorship of the press, and suppresses opposition.
       February: Military dictatorship under General Óscar Carmona crushes failed republican armed insurrection in Oporto and Lisbon.
       April: Military dictatorship names Professor Antônio de Oliveira Salazar minister of finance, with dictatorial powers over budget, to stabilize finances and rebuild economy. Insurrectionism among military elements continues into 1931.
      1930 Dr. Salazar named minister for colonies and announces balanced budgets. Salazar consolidates support by various means, including creation of official regime "movement," the National Union. Salazar engineers Colonial Act to ensure Lisbon's control of bankrupt African colonies by means of new fiscal controls and centralization of authority. July: Military dictatorship names Salazar prime minister for first time, and cabinet composition undergoes civilianization; academic colleagues and protégés plan conservative reform and rejuvenation of society, polity, and economy. Regime comes to be called the Estado Novo (New State). New State's constitution ratified by new parliament, the National Assembly; Portugal described in document as "unitary, corporative Republic" and governance influenced by Salazar's stern personality and doctrines such as integralism, Catholicism, and fiscal conservatism.
      1936 Violent instability and ensuing civil war in neighboring Spain, soon internationalized by fascist and communist intervention, shake Estado Novo regime. Pseudofascist period of regime features creation of imitation Fascist institutions to defend regime from leftist threats; Portugal institutes "Portuguese Youth" and "Portuguese Legion."
      1939 3 September: Prime Minister Salazar declares Portugal's neutrality in World War II. October: Anglo-Portuguese agreement grants naval and air base facilities to Britain and later to United States for Battle of the Atlantic and Normandy invasion support. Third Reich protests breach of Portugal's neutrality.
       6 June: On day of Allies' Normandy invasion, Portugal suspends mining and export of wolfram ore to both sides in war.
       8 May: Popular celebrations of Allied victory and Fascist defeat in Lisbon and Oporto coincide with Victory in Europe Day. Following managed elections for Estado Novo's National Assembly in November, regime police, renamed PIDE, with increased powers, represses opposition.
      1947 Abortive military coup in central Portugal easily crushed by regime. Independence of India and initiation of Indian protests against Portuguese colonial rule in Goa and other enclaves.
      1949 Portugal becomes founding member of NATO.
      1951 Portugal alters constitution and renames overseas colonies "Overseas Provinces." Portugal and United States sign military base agreements for use of air and naval facilities in Azores Islands and military aid to Lisbon. President Carmona dies in office, succeeded by General Craveiro Lopes (1951-58). July: Indians occupy enclave of Portuguese India (dependency of Damão) by means of passive resistance movement. August: Indian passive resistance movement in Portuguese India repelled by Portuguese forces with loss of life. December: With U.S. backing, Portugal admitted as member of United Nations (along with Spain). Air force general Humberto Delgado, in opposition, challenges Estado Novo's hand-picked successor to Craveiro Lopes, Admiral Américo Tomás. Delgado rallies coalition of democratic, liberal, and communist opposition but loses rigged election and later flees to exile in Brazil. Portugal joins European Free Trade Association (EFTA).
       January and February: Estado Novo rocked by armed African insurrection in northern Angola, crushed by armed forces. Hijacking of Portuguese ocean liner by ally of Delgado, Captain Henrique Galvão. April: Salazar defeats attempted military coup and reshuffles cabinet with group of younger figures who seek to reform colonial rule and strengthen the regime's image abroad. 18 December: Indian army rapidly defeats Portugal's defense force in Goa, Damão, and Diu and incorporates Portugal's Indian possessions into Indian Union. January: Abortive military coup in Beja, Portugal.
      1965 February: General Delgado and his Brazilian secretary murdered and secretly buried near Spanish frontier by political police, PIDE.
      1968 August and September: Prime Minister Salazar, aged 79, suffers crippling stoke. President Tomás names former cabinet officer Marcello Caetano as Salazar's successor. Caetano institutes modest reforms in Portugal and overseas.
      1971 Caetano government ratifies amended constitution that allows slight devolution and autonomy to overseas provinces in Africa and Asia. Right-wing loyalists oppose reforms in Portugal. 25 April: Military coup engineered by Armed Forces Movement overthrows Estado Novo and establishes provisional government emphasizing democratization, development, and decolonization. Limited resistance by loyalists. President Tomás and Premier Caetano flown to exile first in Madeira and then in Brazil. General Spínola appointed president. September: Revolution moves to left, as President Spínola, thwarted in his program, resigns.
       March: Military coup by conservative forces fails, and leftist response includes nationalization of major portion of economy. Polarization between forces and parties of left and right. 25 November: Military coup by moderate military elements thwarts leftist forces. Constituent Assembly prepares constitution. Revolution moves from left to center and then right.
       March: Constitution ratified by Assembly of the Republic. 25 April: Second general legislative election gives largest share of seats to Socialist Party (PS). Former oppositionist lawyer, Mário Soares, elected deputy and named prime minister.
      1977-85 Political pendulum of democratic Portugal moves from center-left to center-right, as Social Democratic Party (PSD) increases hold on assembly and take office under Prime Minister Cavaco Silva. July
      1985 elections give edge to PSD who advocate strong free-enterprise measures and revision of leftist-generated 1976 Constitution, amended modestly in 1982.
      1986 January: Portugal joins European Economic Community (EEC).
      1987 July: General, legislative elections for assembly give more than 50 percent to PSD led by Prime Minister Cavaco Silva. For first time, since 1974, Portugal has a working majority government.
      1989 June: Following revisions of 1976 Constitution, reprivatization of economy begins, under PS government.
       January: Presidential elections, Mário Soares reelected for second term. July: General, legislative elections for assembly result in new PSD victory and majority government.
       January-July: Portugal holds presidency of the Council of the European Economic Community (EEC). December: Tariff barriers fall as fully integrated Common Market established in the EEC.
       November: Treaty of Maastricht comes into force. The EEC officially becomes the European Union (EU). Portugal is signatory with 11 other member-nations.
       October: General, legislative elections for assembly result in PS victory and naming of Prime Minister Guterres. PS replace PSD as leading political party. November: Excavations for Lisbon bank uncover ancient Phoenician, Roman, and Christian ruins.
       January: General, presidential elections; socialist Jorge Sampaio defeats PSD's Cavaco Silva and assumes presidency from Dr. Mário Soares. July: Community of Portuguese Languages Countries (CPLP) cofounded by Portugal and Brazil.
       May-September: Expo '98 held in Lisbon. Opening of Vasco da Gama Bridge across Tagus River, Europe's longest (17 kilometers/ 11 miles). June: National referendum on abortion law change defeated after low voter turnout. November: National referendum on regionaliza-tion and devolution of power defeated after another low voter turnout.
       October: General, legislative elections: PS victory over PSD lacks clear majority in parliament. Following East Timor referendum, which votes for independence and withdrawal of Indonesia, outburst of popular outrage in streets, media, and communications of Portugal approves armed intervention and administration of United Nations (and withdrawal of Indonesia) in East Timor. Portugal and Indonesia restore diplomatic relations. December: A Special Territory since 1975, Colony of Macau transferred to sovereignty of People's Republic of China.
       January-June: Portugal holds presidency of the Council of the EU; end of Discoveries Historical Commemoration Cycle (1988-2000).
       United Nations forces continue to occupy and administer former colony of East Timor, with Portugal's approval.
       January: General, presidential elections; PS president Sampaio reelected for second term. City of Oporto, "European City of Culture" for the year, hosts arts festival. December: Municipal elections: PSD defeats PS; socialist prime minister Guterres resigns; President Sampaio calls March parliamentary elections.
       1 January: Portugal enters single European Currency system. Euro currency adopted and ceases use of former national currency, the escudo. March: Parliamentary elections; PSD defeats PS and José Durão Barroso becomes prime minister. Military modernization law passed. Portugal holds chairmanship of Organization for Security and Co-operation in Europe (OSCE).
       May: Municipal law passed permitting municipalities to reorganize in new ways.
       June: Prime Minister Durão Barroso, invited to succeed Romano Prodi as president of EU Commission, resigns. Pedro Santana Lopes becomes prime minister. European Parliament elections held. Conscription for national service in army and navy ended. Mass grave uncovered at Academy of Sciences Museum, Lisbon, revealing remains of several thousand victims of Lisbon earthquake, 1755.
       February: Parliamentary elections; PS defeats PSD, socialists win first absolute majority in parliament since 1975. José Sócrates becomes prime minister.
       January: Presidential elections; PSD candidate Aníbal Cavaco Silva elected and assumes presidency from Jorge Sampaio. Portugal's national soccer team ranked 7th out of 205 countries by international soccer association. European Union's Bologna Process in educational reform initiated in Portugal.
       July-December: Portugal holds presidency of the Council of the European Union. For reasons of economy, Portugal announces closure of many consulates, especially in France and the eastern US. Government begins official inspections of private institutions of higher education, following scandals.
      2008 January: Prime Minister Sócrates announces location of new Lisbon area airport as Alcochete, on south bank of Tagus River, site of air force shooting range. February: Portuguese Army begins to receive new modern battle tanks (Leopard 2 A6). March: Mass protest of 85,000 public school (primary and secondary levels) teachers in Lisbon schools dispute recent educational policies of minister of education and prime minister.

    Historical dictionary of Portugal > Chronology

  • 20 Economy

       Portugal's economy, under the influence of the European Economic Community (EEC), and later with the assistance of the European Union (EU), grew rapidly in 1985-86; through 1992, the average annual growth was 4-5 percent. While such growth rates did not last into the late 1990s, portions of Portugal's society achieved unprecedented prosperity, although poverty remained entrenched. It is important, however, to place this current growth, which includes some not altogether desirable developments, in historical perspective. On at least three occasions in this century, Portugal's economy has experienced severe dislocation and instability: during the turbulent First Republic (1911-25); during the Estado Novo, when the world Depression came into play (1930-39); and during the aftermath of the Revolution of 25 April, 1974. At other periods, and even during the Estado Novo, there were eras of relatively steady growth and development, despite the fact that Portugal's weak economy lagged behind industrialized Western Europe's economies, perhaps more than Prime Minister Antônio de Oliveira Salazar wished to admit to the public or to foreigners.
       For a number of reasons, Portugal's backward economy underwent considerable growth and development following the beginning of the colonial wars in Africa in early 1961. Recent research findings suggest that, contrary to the "stagnation thesis" that states that the Estado Novo economy during the last 14 years of its existence experienced little or no growth, there were important changes, policy shifts, structural evolution, and impressive growth rates. In fact, the average annual gross domestic product (GDP) growth rate (1961-74) was about 7 percent. The war in Africa was one significant factor in the post-1961 economic changes. The new costs of finance and spending on the military and police actions in the African and Asian empires in 1961 and thereafter forced changes in economic policy.
       Starting in 1963-64, the relatively closed economy was opened up to foreign investment, and Lisbon began to use deficit financing and more borrowing at home and abroad. Increased foreign investment, residence, and technical and military assistance also had effects on economic growth and development. Salazar's government moved toward greater trade and integration with various international bodies by signing agreements with the European Free Trade Association and several international finance groups. New multinational corporations began to operate in the country, along with foreign-based banks. Meanwhile, foreign tourism increased massively from the early 1960s on, and the tourism industry experienced unprecedented expansion. By 1973-74, Portugal received more than 8 million tourists annually for the first time.
       Under Prime Minister Marcello Caetano, other important economic changes occurred. High annual economic growth rates continued until the world energy crisis inflation and a recession hit Portugal in 1973. Caetano's system, through new development plans, modernized aspects of the agricultural, industrial, and service sectors and linked reform in education with plans for social change. It also introduced cadres of forward-looking technocrats at various levels. The general motto of Caetano's version of the Estado Novo was "Evolution with Continuity," but he was unable to solve the key problems, which were more political and social than economic. As the boom period went "bust" in 1973-74, and growth slowed greatly, it became clear that Caetano and his governing circle had no way out of the African wars and could find no easy compromise solution to the need to democratize Portugal's restive society. The economic background of the Revolution of 25 April 1974 was a severe energy shortage caused by the world energy crisis and Arab oil boycott, as well as high general inflation, increasing debts from the African wars, and a weakening currency. While the regime prescribed greater Portuguese investment in Africa, in fact Portuguese businesses were increasingly investing outside of the escudo area in Western Europe and the United States.
       During the two years of political and social turmoil following the Revolution of 25 April 1974, the economy weakened. Production, income, reserves, and annual growth fell drastically during 1974-76. Amidst labor-management conflict, there was a burst of strikes, and income and productivity plummeted. Ironically, one factor that cushioned the economic impact of the revolution was the significant gold reserve supply that the Estado Novo had accumulated, principally during Salazar's years. Another factor was emigration from Portugal and the former colonies in Africa, which to a degree reduced pressures for employment. The sudden infusion of more than 600,000 refugees from Africa did increase the unemployment rate, which in 1975 was 10-15 percent. But, by 1990, the unemployment rate was down to about 5-6 percent.
       After 1985, Portugal's economy experienced high growth rates again, which averaged 4-5 percent through 1992. Substantial economic assistance from the EEC and individual countries such as the United States, as well as the political stability and administrative continuity that derived from majority Social Democratic Party (PSD) governments starting in mid-1987, supported new growth and development in the EEC's second poorest country. With rapid infrastruc-tural change and some unregulated development, Portugal's leaders harbored a justifiable concern that a fragile environment and ecology were under new, unacceptable pressures. Among other improvements in the standard of living since 1974 was an increase in per capita income. By 1991, the average minimum monthly wage was about 40,000 escudos, and per capita income was about $5,000 per annum. By the end of the 20th century, despite continuing poverty at several levels in Portugal, Portugal's economy had made significant progress. In the space of 15 years, Portugal had halved the large gap in living standards between itself and the remainder of the EU. For example, when Portugal joined the EU in 1986, its GDP, in terms of purchasing power-parity, was only 53 percent of the EU average. By 2000, Portugal's GDP had reached 75 percent of the EU average, a considerable achievement. Whether Portugal could narrow this gap even further in a reasonable amount of time remained a sensitive question in Lisbon. Besides structural poverty and the fact that, in 2006, the EU largesse in structural funds (loans and grants) virtually ceased, a major challenge for Portugal's economy will be to reduce the size of the public sector (about 50 percent of GDP is in the central government) to increase productivity, attract outside investment, and diversify the economy. For Portugal's economic planners, the 21st century promises to be challenging.

    Historical dictionary of Portugal > Economy

См. также в других словарях:

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