Portugal: Opportunities abroad, challenges at home

José Maria Ricciardi, president and chief executive of Banco Espírito Santo Investimento, talks about the importance of Portugal’s links to developing markets and the challenges faced by the country’s banks in the present crisis.

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How do Portugal’s ties to its former colonies make it different from Greece?

We have a strong connection to the south Atlantic, to sub-Saharan Africa – namely Angola – and to South America – namely Brazil. These are becoming very important markets.

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What other countries are Portuguese companies active in?

We have special relations with Morocco, with Libya, with Algeria, with Tunisia. In the south, the most important country is South Africa, the second most important is Angola and it’s becoming more important.

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