Rank: Chief Joined: 8/4/2010 Posts: 8,977
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What a headline?!? Portuguese head to former colonies to escape Euro crisis - http://www.independent.c...uro-crisis-8306048.html
Quote:
When Marcio Charata lost his well-paying job in southern Portugal two years ago, he fired off resumes to all his contacts. Determined to survive the economic woes strangling Europe, he secured 20 interviews — but no job. So he set his sights on a faraway and unlikely market: Mozambique, Portugal's once war-torn former colony.
Today, Charata is a senior executive at a Mozambican media company, joining thousands of his fellow Portuguese who have arrived here in recent months seeking refuge from the euro crisis. "This is an oasis in the desert," Charata, 33, said with a smile.
Faced with mounting unemployment, rising taxes and cuts to social welfare programs, many Portuguese are traveling to former colonies in search of work, to the very places their colonial ancestors were forced to leave more than a half-century ago — countries such as Brazil, Angola and Mozambique, which boast some of the world's fastest-growing economies, fueled by vast deposits of oil, minerals and other raw materials.
Sub-Saharan Africa, to be sure, is no economic promised land. Much of the continent still struggles with high poverty, disease and unemployment, and businesses face major hurdles, including corruption and red tape.
But the Portuguese arrivals are an indication that the continent is on the move economically. The middle class is growing in many African countries, as are large infrastructure projects. Foreign investors are scouring the region for opportunities, while trade with China is expanding. The World Bank predicts that one-third of all African countries' growth rates will top 6 percent this year, with many nations' economies swelling more rapidly than the East Asian tiger economies.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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