Word: lisbon
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...African empire-and less than six months to get rid of most of it. Last week Portuguese Guinea formally received its independence under the name of Guinea-Bissau, and Mozambique was granted a black-dominated government. Angola alone of the old empire remains under full Portuguese control, largely because Lisbon does not know to whom it should hand over the keys of government...
...Portuguese Guinea, henceforth to be known as Guinea-Bissau. It was the first official move by Portugal to give independence to its African territories, which have been racked by guerrilla war; Angola and Mozambique will be next. And it came four months and a day after a coup in Lisbon paved the way for the end of the 500-year-old empire. Despite the jubilation in the steamy African capital of Bissau and the ending of the 13-year war in the African territory that had claimed thousands of lives, a host of problems remained for Portugal...
...chronic balance of trade deficit (expected to be $500 million this year), when they took power in April. But since then lack of confidence in the political future has made the problem worse. "Business hates a system where the rules of the game are not known," complains a leading Lisbon oil executive. "The government holds marathon sessions and argues and argues, but it never makes a decision." Indeed, basic laws governing labor relations or investment have been under inconclusive discussion for months, leaving businessmen unable to plan future budgets. Until the revolution, strikes were illegal. Now the government has decreed...
...foreign earnings, has declined by an estimated 40%. There has been a rash of bankruptcies among smaller firms, and a sharp rise in unemployment is expected soon. The army of jobless will be swelled by the boatloads of refugees from the colonies that have already begun disembarking in Lisbon; airlines flying from the territories to Lisbon are booked solid for the rest of the year...
This has been all to the advantage of the monocled and aloof interim President. Spinola, relaxing for the past few weeks in a thermal resort north of Lisbon, has managed to play a deft political game via long distance. His primary bid has been for greater presidential powers, including the dismantlement of the A.F.M. and a declaration of a state of siege to deal with economic problems...