2010–2014 Portuguese financial crisis
In Portugal, the grown-up people who looked after the money made some very bad choices with the country's money. They borrowed too much money that they couldn't pay back and spent too much money on things they didn't really need. This meant that they had to ask for help from other grown-up people who have lots of money, like the European Union and the International Monetary Fund.
Because they needed the help, they had to promise to make some changes to the way they spent money and managed money. This meant that they had to make some hard decisions about what they could afford to pay for, and what they couldn't. They had to cut back on things like wages and pensions for people, and there were also fewer jobs available for people. Many people were unhappy and felt that they were not being treated fairly.
It took a long time for Portugal to recover from the financial crisis, but they worked hard and slowly things started to get better. They started to save more money and spend less, which helped them to pay back the money they had borrowed. Portugal is still working to make sure they manage their money in a responsible way so that they don't find themselves in a financial crisis again.
Because they needed the help, they had to promise to make some changes to the way they spent money and managed money. This meant that they had to make some hard decisions about what they could afford to pay for, and what they couldn't. They had to cut back on things like wages and pensions for people, and there were also fewer jobs available for people. Many people were unhappy and felt that they were not being treated fairly.
It took a long time for Portugal to recover from the financial crisis, but they worked hard and slowly things started to get better. They started to save more money and spend less, which helped them to pay back the money they had borrowed. Portugal is still working to make sure they manage their money in a responsible way so that they don't find themselves in a financial crisis again.