Sunday, May 15, 2011
On May 15, 1902, Portugal declares itself bankrupt after suppressing a costly revolt in Angola by the Ovimbundu people resisting Portuguese colonization. Portugal’s presence in Angola stretches back to the late 16th century and by the 17th century, Portugal was running the slave trade from there. In 1975, Portugal releases its claim to Angola and the African nation declares its independence.
Recently, finance ministers of the 17-country eurozone made arrangements to approve what may be a 78 billion euros (US$108 billion) financial rescue plan for Portugal—just one of a few severely battered European nations still reeling from the 2009 European debt crisis.
