In the lead up to the Eurozone Crisis, Portugal’s Economy was an outlier. Whilst many economies went on an incredible run, the Portuguese Economy did not have such a good time. Not only underperforming the average eurozone growth rate, but unemployment actually rose from 3.8% to 7.5% between the millennium and 2008. Compare this against the likes of Greece, Spain and Italy, all of which had seen significant declines in unemployment. Raising the question of why? Why had Portugal’s Economy stagnated in what were supposed to be the good times? What was the impact of its long history as a colonial power? And to what extent did a 19th Century letter from Pope Leo the 13th influence its wider economic approach?