Summary Box: Personal bankruptcies hit Portugal
NATION IN TROUBLE: Portugal's debt-riddled economy was by Europe's sovereign debt crisis. The ensuing austerity measures have had a direct impact on its citizens and last year, personal bankruptcies outnumbered company bankruptcies.
THE NUMBERS: There were 670,000 Portuguese who last year defaulted on their loans — a 5 percent jump on the previous year. Defaults on consumer credit amounted to €1.53 billion ($2 billion) in January, a 14 percent increase since last May's bailout. It's the highest level of unpaid private debt since the Bank of Portugal started keeping detailed records 15 years ago.
OUT OF OPTIONS: The Consumer Defense Association, a privately-funded body, says that between 2010 and 2011 the number of requests for help it received jumped 60 percent to more than 23,000 families.
