Not all the news in Portugal is bad. Austerity has led to more than 2% of the population emigrating over the past two years. Economic growth remains elusive. The country’s main trading partners in the EU are barely faring any better.
Local economists insist, though, that the international mobility that has been more or less synonymous with Portuguese society since Vasco de Gama set sail for India in the 15th century will lead Portugal – and its leading banks – to a brighter future.
It is this mobility that has helped to underpin the single most striking feature of the Portuguese recovery story: the surge in its exports and the accompanying decline in its current account deficit.
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