Tuesday, November 22, 2011

Portugal Looking to Angola for Aid – As the World Turns – Former Portuguese Colony Called on to Aid

Just How Bad are Things in Europe?  Don't Ask (Really, Please Don't)

The History of the World (Part 1) is that economic strength resides in Europe and North America and the nations of Africa, Asia and South America are weak economies that need European and American help.  The History of the World (Current Edition) is that economic growth and vitality is in Asia and South America and the U. S. economy is stagnant and the European economy is headed towards recession.

So here is what is going on between Portugal and its former colony, Angola.

Portugal, struggling to comply with the terms of a €78bn financial rescue package, is encouraging oil-rich Angola to invest in its debt-stricken economy, highlighting a reversal of roles with few parallels among European countries and their former African colonies.

Pedro Passos Coelho, Portugal’s prime minister, said during a visit to Angola on Wednesday and Thursday that his centre-right government would look “very favourably” on Angolan investment in its €7bn privatisation programme and other areas.

And it is not just Portugal seeking aid.  Portugal’s citizens who are facing low growth and rising unemployment are moving to Africa where the opportunities are better.

According to Portugal’s emigration observatory, the number of Portuguese living in Angola, which gained independence in 1975, increased from 21,000 in 2003 to 91,900 last year. Meanwhile the number of Angolans living in Portugal fell by about 1,000 to 26,500 in 2009, as many Angolan and Brazilian emigrants return to their own thriving economies.

Just another day at the office for Europe, where the office will soon be owned by someone else.

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