THE DECLINE OF the Portuguese economy last year was as spectacular as the strong growth that it registered in the late 1990s. Recession hit with a vengeance – GDP and real per capita incomes each fell by one percentage point, the sharpest drop in the eurozone, as well as the worst performance of all OECD countries.
In this dire environment it might have been expected that the country’s banks would follow the rest of the economy downhill.
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