Sign of the times in Southern Europe

While Europe escaped a collapse in 2012, most of Southern Europe is still struggling mightily. Case in point, Portugal. Portuguese unemployment stands at 15% and climbing. Due to a non existent job market, Portugal lost 3% of it’s population due to emigration.  The number one destination was Switzerland, while right behind it is Angola. That’s right, the former Portuguese colony is receiving the unemployed of Portugal to the tune of 20,000 people a year.

And it is not a one way street. Oil rich Angola is purchasing real estate and interests in major Portuguese corporations.  This story may be as much about Angola, which has grown 10% a year for the last decade, as Portugal, which may contract between 1-3%.