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Portugal Hopes for Europe-Wide Solution for Bad Loans (NPL's).

 

Portuguese Finance Minister Mario Centeno, said he’s hopeful there will be a European approach to deal with non-performing loans affecting banks in the region, and if not his country will go ahead with its own attempt to address the problem.

“We are now discussing with the European Commission, hopefully, a European-wide solution, but if not we will advance on our own on a solution for NPLs,” Centeno said in a Bloomberg Television intervew in Brussels. “It’s going to be a solution that has to work with market participants, both on the supply and demand sides.”

While Portugal exited its three-year international bailout program in 2014, it’s still dealing with pending issues including bad loans at banks. Credit at risk at Portuguese banks has been stuck at about 12 percent of the total for the last two years. Banco Comercial Português, Portugal’s biggest publicly traded bank, booked a record 1.6 billion euros ($1.8 billion) in impairments for 2016. For state-owned lender Caixa Geral de Depositos SA, impairments and provisions totaled 3 billion last year.

Centeno  said on March 29, that Portugal estimates that about 5 billion euros may be enough to address the “big problems” in terms of non-performing loans hampering the country’s banks. The government is “envisaging creating a systemic solution that on the basis of a voluntary reaction from the banks to join the solution, will bring in new private capital,” he said at the time.  

Portugal ahead of many countries in clean energy. 

Portugal has demonstrated its leading role in clean energy by supplying the country’s entire electricity needs solely from renewal sources for a record four days in a row. It is being acclaimed internationally as a landmark in the shift from fossil fuels.

The country’s consumption was fully covered for 107 continuous hours with hydro-power plants, wind turbines, solar panels, biofuels and geothermal heat. No fossil fuels were involved.

“This is a significant achievement for a European country, but what seems extraordinary today will be commonplace in Europe in just a few years,” said James Watson, the CEO of SolarPower Europe.

Last year, more than half of the Portugal’s electricity came from renewals, though this was down from 63% in 2014 due to drought and a drop in hydro output that normally accounts for about a third of naturally replenished sources.

The International Energy Agency says in its 2016 review that “Portugal should be commended for its achievements and its ambitions in large-scale deployment of renewable energy.”

The average levels of electricity generated from renewables in the 28 countries of the EU is much less than in Portugal, which is far ahead of many other countries including the United States.

Less than 13.5% of the domestically produced electricity in the US last year came from renewables, the rest mainly from coal and natural gas.

10 Interesting and Fun Facts About Portugal

Portugal is a fascinating country with a proud history that can be felt all throughout the country - from its capital, down to each tiny, picture-perfect village. I've been living in Portugal for over a year now and have learned loads of fascinating facts about the charming country, which I’m eager to share with you!
Are you planning on visiting this westernmost country in Europe soon? Or maybe you have Portuguese roots and want to learn more about your ancestors. In any case, below are twelve facts that are bound to impress anyone about Portugal.

1. Portuguese is the official language of 9 countries

Over 236 million people world-wide are native Portuguese speakers. Portuguese is the official language of Portugal, Brazil, Cape Verde, Angola, Guinea Bissau, Mozambique, Principe, Sao Tome, and Equatorial Guinea. Portuguese is also spoken in Goa (India), Macao, and East Timor.

2. Portugal is the oldest country in Europe

Portugal has had the same defined borders since 1139, making it the oldest nation-state in Europe. Afonso Henriques was proclaimed the first King of Portugal in 1139 and the country remained a kingdom for almost 800 years thereafter, until 1910.
 

3. Portugal is the largest cork producer in the world

Portugal produces 70% of the world's cork exports. Main importers of Portuguese cork are: Germany, the U.K., and the U.S. The country also has the largest cork forest.

4. One of the oldest universities in Europe is in Portugal

The University of Coimbra was established in 1290, making it one of the oldest universities on the European continente.
 

5. Portugal has the longest bridge in Europe

The Vasco da Gama Bridge in Lisbon is 10.5 miles (17 kilometers) long, making it the longest in Europe.

6. Portugal and England have the oldest diplomatic alliance in the world

The Anglo-Portuguese Alliance was signed in 1373 and is in force until this day! Both countries entered wars to defend the other, including the United Kingdom entering the Iberian Peninsular War and Portugal entering World War I. Talk about having someone's back!

7. Portugal is one of the world's top surf spots

Portugal has a coastline that spans 497 miles (800 kilometers) and it's known to have 364 days of surf!

8. In 1755, Lisbon was struck by one of the most powerful earthquakes in European history

On the 1st of November in 1755, Lisbon was struck by about a 9.0 magnitude earthquake, which was followed by a tsunami, and fires that brought the city to rubble! Furthermore, the earthquake struck on All Saints Day, a major holiday when the churches were filled with burning candles. The earthquake struck, toppling the candles, causing major fires. 275,000 residents were killed and 85% of the buildings were destroyed! People talk about the devastating earthquake to this day.

9. Portuguese Fado was classified as world cultural heritage by UNESCO

Fado (fate in Portuguese) is a music genre that originates in urban Lisbon. It's a type of mournful and heart-touching folk music sung by the common people. The music genre was recently added to the World's Intangible Cultural Heritage list.

10. Portugal was the first country to abolish slavery

Portugal abolished slavery all the way back in 1761 - that's half a century before Britain, France, Spain, or the United States.