Portugal, officially known as the Portuguese Republic, is a European country located on the Iberian Peninsula.

It became a member of the European Union (EU) in 1986 and joined the Economic and Monetary Union of the European Union (EMU) in 1998.

Along with 10 other European countries, it adopted the euro on January 1, 1999.

Since then, the country has seen its household debt increase, economic growth slow, unemployment rate rise, and purchasing power drop.

On April 6, 2011, it finally asked the EU and the IMF to help shore up its finances. It became the third member of the eurozone to be bailed out following Greece and Ireland, receiving 78 billion EUR in exchange for tougher austerity measures and budget cuts.