Research guide: The 2010 guide to Portugal

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Published in conjunction with: Banco Santander Totta -- Espírito Santo Investment -- Caixa - Banco de Investimento

Adjusting to the new times
Portuguese borrowers have generally responded adequately to the new challenges brought by
financial market turmoil, proactively adjusting their financing strategies to the new environment,
including in their approaches to raising liquidity through the debt capital markets

M&A deals falter in fragile recovery
With the recovery in M&A activity from last year’s low hampered by Europe’s sovereign debt problems,
attention is focusing on a few exceptions such as Brazil and on established cross-border links

Economic overview: controlling deficit is the key
Portugal has pulled out of recession but with this recovery largely based on external demand and the
domestic economy subdued, growth is likely to remain weak for some time. Success in reducing the
fiscal deficit will lay the foundations for sustainable growth

Asset management: a challenging environment
In the new age of asset management that started with the collapse of Lehman Brothers, risk
management expertise is the mantra. The asset management industry combines the best of two
worlds: capital preservation and active management

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