[kranke155]

No I would say thats largely correct.

The country de industrialised way too early (I would argue no country should ever de industrialise to begin with, but that's another cup of tea entirely) And now has created lots of low quality jobs in the tourism sector through mass tourism and benevolent expat laws to people from richer countries.

The whole thing is a tragedy, but it helps those with capital already (homeowners in central Porto and Lisbon have likely seen their capital 3x to 10x) so the government let it happen.

The whole 2nd tier of the eurozone is completely in tatters anyway. Spain, Portugal, Italy and Greece. The eurozone doesn't work when there are two tiers of countries in it. Joseph Stiglitz had a great book about it.