INTRODUCTION

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 pOLITICAL ENVIRONMENT
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 ECONOMIC ENVIRONMENT
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In early 2010, fears of a sovereign debt crisis, the ('$Ú
developed concerning some European states,[2] including European Union
members Greece, Ireland, portugal, Spain, and Belgium. This led to a crisis
of confidence as well as the widening of bond yield spreads and risk
insurance on credit default swaps between these countries and other EU
members, most importantly Germany.
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Initially currency devaluation helped finance the borrowing. After the
introduction of the euro in Jan 2001, Greece was initially able to borrow due
to the lower interest rates government bonds could command. The global
financial crisis that began in 2008 had a particularly large effect on Greece.
Two of the country's largest industries are tourism and shipping, and both
were badly affected by the downturn with revenues falling 15% in 2009
[ A report published in January 2011 by the Diário de Notícias, a leading
portuguese newspaper, demonstrated that in the period between the
Carnation Revolution in 1974 and 2010, the democratic portuguese
Republic governments have encouraged over expenditure and investment
bubbles through unclear public-private partnerships, funding numerous
ineffective and unnecessary external counsultancy and advising
committees and firms, allowing considerable slippage in state-managed
public works, inflating top management and head officers's bonuses and
wages, persistent and lasting recruitment policy that boosts the number of
redundant public servants, along with the help of risky credit, public debt
creation, and mismanaged European structural and cohesion funds across
almost four decades, that the prime Minister Sócrates's cabinet was not
able to forecast or prevent at first hand in 2005, and later was incapable of
doing anything to remediate the situation when the country was on the
verge of bankruptcy by 2011.
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The family is the foundation of the social structure and forms the basis
of stability.
. The extended family is quite close.

. The individual derives a social network and assistance from the family.

. Loyalty to the family comes before other social relationships, even

business.

. Nepotism is considered a good thing, since it implies that employing

people one knows and trusts is of primary importance.
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[ . portuguese are traditional and conservative.

. They are a people who retain a sense of formality when dealing with
each other, which is displayed in the form of extreme politeness.

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[ . In portuguese society appearance is very important, especially in the
cities.

. people are fashion conscious and believe that clothes indicate social
standing and success.

. They take great pride in wearing good fabrics and clothes of the best
standard they can afford.
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. portugal is a culture that respects hierarchy.

. Society and business are highly stratified and vertically structured.

. Both the Catholic Church and the family structure emphasize hierarchical
relationships.

. people respect authority and look to those above them for guidance and
decision-making.

. Rank is important, and those senior to you in rank must always be

treated with respect.

. This need to know who is in charge leads to an authoritarian approach to

decision- making and problem solving.

. In business, power and authority generally reside with one person who
makes decisions with little concern about consensus building with their
subordinates.
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