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Portugal is not very competitive internationally, so their economy became dependent on government contracts and deals with politically exposed persons. For exam

Portugal is not very competitive internationally, so their economy became dependent on government contracts and deals with politically exposed persons. For example, most of Angola's corrupt elite stashed their wealth in Portugal by buying property and businesses. Additionally, corrupt countries are very hard to do business in without kickbacks, but if you're willing to play the game, it becomes very easy, as in your businesses get a lot of government handouts, your interests are protected, etc. There is a law in Angola where foreign businesses can only enter the country if they partner with a local, and usually those "locals" are ministers, generals, the president's family and friends, etc. Local businesses are roadblocked to your benefit. When you become comfortable operating this way, you'l do anything to maintain your relationship. And I kid you not, A large chunk of Portugals economy is powered by Angola.

PedroBatista 5y ago
> A large chunk of Portugals economy is powered by Angola. What do you mean by "large"? perhaps the circles that YOU frequent are powered by them.
- figassis 5y ago
  You seem bitter. Time for some reading: - https://www.politico.eu/article/angola-portugal-investment-economy/ https://www.politico.eu/article/angola-portugal-investment-e... - https://www.cnbc.com/2016/04/16/are-portuguese-banks-too-exposed-to-angola.html https://www.cnbc.com/2016/04/16/are-portuguese-banks-too-exp... - https://en.wikipedia.org/wiki/Isabel_dos_Santos#Investments_in_Portugal https://en.wikipedia.org/wiki/Isabel_dos_Santos#Investments_... - https://www.nytimes.com/2017/08/22/world/europe/angola-portugal-money-laundering.html https://www.nytimes.com/2017/08/22/world/europe/angola-portu...
  - PedroBatista 5y ago
    You seem confused. GDP is $257.391 billion, again what "large" part of the Portuguese economy is powered by Angola? Again, what do you mean by "large"?
    - figassis 5y ago
      First things first: large != largest. Now, if a country has their hands in some of another country's largest companies, and many of them in key sectors such as banks, telecoms and energy, and in many cases becoming the biggest shareholder in such holdings, to the point where a countries own parliament has to hold sessions to protect their own bank's exposure to Angola, well, call it what you want, I'd call that large. I worked for one of Portugal's great energy companies, both in Portugal and in Angola. I was working for them in Angola, when they were struggling financially because they could not compete with other European and and Chinese companies, both in Europe, South America and Africa, and I was there when the Angolan president's daughter bought the company and I was there when the company employees were relieved that deals would now become easier because the new majority shareholder also had the power to make the Angolan utility company sign new deals. In fact, the president's daughter forced the national utility to also become a shareholder. Even more, the forced the utility to also pay for her part of the shares. And the proud Portuguese company clapped through it all.
SyzygistSix 5y ago
I believe Portugal also received large loans and investment from China as well.

PedroBatista 5y ago

> A large chunk of Portugals economy is powered by Angola. What do you mean by "large"? perhaps the circles that YOU frequent are powered by them.

figassis 5y ago
You seem bitter. Time for some reading: - https://www.politico.eu/article/angola-portugal-investment-economy/ https://www.politico.eu/article/angola-portugal-investment-e... - https://www.cnbc.com/2016/04/16/are-portuguese-banks-too-exposed-to-angola.html https://www.cnbc.com/2016/04/16/are-portuguese-banks-too-exp... - https://en.wikipedia.org/wiki/Isabel_dos_Santos#Investments_in_Portugal https://en.wikipedia.org/wiki/Isabel_dos_Santos#Investments_... - https://www.nytimes.com/2017/08/22/world/europe/angola-portugal-money-laundering.html https://www.nytimes.com/2017/08/22/world/europe/angola-portu...
- PedroBatista 5y ago
  You seem confused. GDP is $257.391 billion, again what "large" part of the Portuguese economy is powered by Angola? Again, what do you mean by "large"?
  - figassis 5y ago
    First things first: large != largest. Now, if a country has their hands in some of another country's largest companies, and many of them in key sectors such as banks, telecoms and energy, and in many cases becoming the biggest shareholder in such holdings, to the point where a countries own parliament has to hold sessions to protect their own bank's exposure to Angola, well, call it what you want, I'd call that large. I worked for one of Portugal's great energy companies, both in Portugal and in Angola. I was working for them in Angola, when they were struggling financially because they could not compete with other European and and Chinese companies, both in Europe, South America and Africa, and I was there when the Angolan president's daughter bought the company and I was there when the company employees were relieved that deals would now become easier because the new majority shareholder also had the power to make the Angolan utility company sign new deals. In fact, the president's daughter forced the national utility to also become a shareholder. Even more, the forced the utility to also pay for her part of the shares. And the proud Portuguese company clapped through it all.

SyzygistSix 5y ago

I believe Portugal also received large loans and investment from China as well.