Portugal to use all EU recovery grants

in News, Business · 17-02-2021 09:27:00 · 8 Comments

Portugal will use all grants from the EU recovery fund to reboot its economy after the coronavirus pandemic

An updated version of the recovery plan said the nearly 14 billion euros in EU grants would be used until 2026, but lowered the loans forecast to 2.7 billion euros. Portugal’s economy shrank 7.6% last year due to the pandemic, its biggest annual slump since 1936.

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After having had some "dealings" with local governments I have to say it does not look promising how the various funds will be applied.

Portugal's best example of corruption and lack of strategy are the back-handers implied in every single license situation that does not concur with the law almost as if the law was meant to be twisted should you have enough money to cover the costs ergo the same licenses and laws do not apply to both the common individual and to the let's say "ex" politician or a close relative of someone that may well still be in some kind of position of power.

Here in this country one of the politicians main task is to convince the public opinion of the necessity of cutting quality of life over buildings and enormous projects that require millions in research alone but maintain the country with the same levels of poverty while the real estate "lobby" forces the keeping of a well known corrupt system of visa purchases via property exchanges, yes, the same property being sold more than once to different people that cruise around half a million euros each time.

Add the countries farms and city apartments being sold at twice the actual value to eastern economical superpowers and some European retirement database and you now have a country whose production fabric is the lowest per capita in Europe which obviously makes it subsidy dependent for everything being that the "local's" aspirations reside in the possiblity to forge some sort of scheme to get some while the services middle-man's rejoice on 3% total investment.

Various are investigated very little actually charged but these middle-man have most of the times strong ties to local governments and their own consultancy business and - amaze yourself - a strong like, by strong I mean they can be as far as presidents or directors, of the national agencies that decide where the money is spent.

By Jay from Beiras on 05-03-2021 09:01

This is why they are locked down. If they want the money, they need to crush the economy and people's freedoms. Next step China takes over the country while politicians steal these funds to build homes. 100% staged events

By Michael Smit from Madeira on 18-02-2021 03:55

What a baseless report. No facts, no indication as to investment application. This quality of journalism is only poorer on Portuguese state tv.

By Ann Charnock from Lisbon on 17-02-2021 08:40

Let's hope that they use the money wisely and try to get people back to work.

By Martin from Lisbon on 17-02-2021 06:31

"Portugal will use all grants from the EU recovery fund to reboot its economy after the coronavirus pandemic"

Surely the Portuguese government will take every penny from the EU that it can get. It remains to be seen whether this will benefit the local economy, local small businesses (cafes, restaurants, bakeries, etc.), local medium-sized companies and local agriculture, or end up in the "pockets" of local politics.

By Yves Rapp from Lisbon on 17-02-2021 05:56

Oh no here we go again.The socialists are the masters of spending other people's money on white elephants and other out of touch projects that will do nothing to change Portugal reliance on tourism.Nor will it do anything to bring the Portuguese people out of a feudal system with almost slave labour wages.

I had to look away when seeing Costa salivating for getting something for nothing.

By James from Algarve on 17-02-2021 04:50

"rebooting" a 150% indebted economy >>> Costa to do miracles ???

By Matthias Stoermer from Lisbon on 17-02-2021 04:02

They are counting 2.7 billion! what 45bln eu help and 25 bln loan from eu central bank.

By Mohammed S. Islam from Lisbon on 17-02-2021 11:52
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