For his first six months in office, Mario Soares exhorted while Portuguese democracy burned. In September, he gave a sombre and realistic portrayal of the state of the economy. Portugal’s annual trade deficit was running at $2000 million, its annual budget deficit at $ 1000 million, and its foreign debt at over $2000 million. The terms of trade showed that if anything Portugal’s competitiveness was declining.
KeywordsSocialist Party Socialist Government Refugee Problem Social Pension Centre Democratic
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