Legal Business

Portugal – Going Private

Despite its worst recession in decades, Portugal’s recent privatisation programme has sparked renewed investment interest. LB asks whether selling off the country’s prized assets can cure the woes of its legal market

With Portugal’s GDP expected to fall by 4.5% in 2012 and a series of hikes on VAT, corporate and individual income tax included in the 2012 Portuguese state budget, the country’s economy hardly appears inviting. Following its 2011 €78bn bailout (the Troika Memorandum) by the European Commission, the European Central Bank and the International Monetary Fund, Portugal has been forced to introduce a comprehensive privatisation programme that includes the energy and airports sectors, as well as the insurance and media industries.