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A woman sews at the Lameirinho textile plant in Guimaraes January ...
Feb 8th, 2012
(Reuters) - A woman sews at the Lameirinho textile plant in Guimaraes January 31, 2012. Portugal, Western Europe's poorest country, is in its deepest recession since the few turbulent years after the return of democracy in 1974. It was forced into an EU/IMF bailout last year, unable to service its debts and its firms starved of funding. Even before the euro zone debt crisis, the textile sector, a mainstay of Portugal's economy, had been hammered by cheaper competition from Asia, changes to the European Union's customs regime and weak domestic demand. Over the past decade, it shed nearly a third of its output and 36 percent of jobs. Picture taken January 31, 2012. To match Analysis PORTUGAL-TEXTILES/ REUTERS/Rafael Marchante (PORTUGAL - Tags: BUSINESS TEXTILE INDUSTRIAL EMPLOYMENT) -
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