World at Work: Portugal

By Bloomberg Photos - 2013-04-25T15:24:51Z

Photograph by Mario Proenca/Bloomberg

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Voyage to Recovery

Portugal’s voyage to recovery has a long way to go, not least because the country’s economy has been the euro region’s laggard for at least a decade.

Its last emergency funding, from the International Monetary Fund in 1983, was coupled with a currency devaluation, not an option this time round for a euro member. While labor costs are falling, it’s by less than in Greece and Ireland.

Left, workers prepare raw marble for cutting beside a pool of rainwater inside the quarry pit.