Portugal was a poor country with a hardworking people, who carefully took care of their resources. Families grew vegetables, harvested fruits & nuts. They were happy, had plenty of gold, no debts, but there was no freedom of speech.
Since the ECC became UE and Portugal, against warnings and the choice of the best EU-economies today (UK, Sweden, Poland) accepted the Euro, huge private and public debts became and still are a burden. Also public corporations, earlier running with a profit, with almost no debts, entered a spiral of debts and losses, mainly because politicians, not managers, got onto the board.