Portugal: History

Portugal becomes a republic after King Manuel II steps down amid a revolution.

Portugal fights on the Allied side in World War I.

Portugal becomes a founding member of the North American Treaty Organization (NATO).

Portugal joins the United Nations.

India takes Portuguese Goa.

Portugal joins the European Economic Community (EEC), which later is incorporated into the European Union (EU).

A massive forest fire sweeps across woodland in Portugal, causing the country an estimated loss of one billion euros.

Massive demonstrations against the government's economic reforms spread across the country.

The Portuguese government announces a package of austerity measure s in an attempt to reduce its budget deficit.

Portugal becomes the third EU country to apply for EU financial assistance to help deal with its budget deficit. Portugal is granted a 78 billion euro bailout from the EU and International Monetary Fund. The government plans for further spending cuts in order to be able to repay the massive loan.

Credit rating agencies downgrade Portugal's rating junk status.