Portugal appeals to Angola for funds

Article reports that Portugal, struggling to comply with the terms of the May 2011 EC/ECB/IMF €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 in November 2011 that his centre-right government would look 'very favourably' on Angolan investment in its €7bn privatisation programme and other areas.

His appeal for investment underlined the extent to which the relative positions of the old imperial power and its former colony have changed, as Portugal faced the deepest recession in Europe while Angola expects its economy to grow 12% in 2012.

Expresso, 6.12.11: Portugal, glittering prize for emerging nations (via PressEurop) http://www.presseurop.eu/en/content/article/1255321-portugal-glittering-prize-emerging-nations

ESO: Background information: Portugal reaches deal on €78bn bail-out http://www.europeansources.info/record/portugal-reaches-deal-on-e78bn-bail-out/

ESO: Background information: Portugal’s recession deepens / Portugal on track to meet bail-out conditions http://www.europeansources.info/record/portugals-recession-deepens-portugal-on-track-to-meet-bail-out-conditions/

The Economist, 3.9.11: Angola and Portugal. Role reversal http://www.economist.com/node/21528310

BBC News, 17.11.11: Portugal's PM Pedro Passos Coelho visits Angola http://www.bbc.co.uk/news/world-africa-15755766

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