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Among Europeans, Portugal has a nickname: the next Greece. But Portugal has something that Greece does not have: former colonies rich in resources and in need of labor.
Here's NPR's Sylvia Poggioli.
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SYLVIA POGGIOLI, BYLINE: A group of students performs in Lisbon's central Rossio Square. Dressed in black uniforms, they sing traditional college songs.
Antonio Valerio, who studies pharmaceutical science, sees no future in Portugal.
ANTONIO VALERIO: Our degree has always been a good degree to get a job. Nowadays it's not like that, and lots of folks are going outside, going abroad - England, Brazil, Angola, China, even some of them.
POGGIOLI: Unemployment for young people has reached 30 percent. The economy is expected to shrink from three to six percent this year and two million people are close to the poverty line.
Polls show most Portuguese no longer have faith in EU-imposed austerity. Portuguese Prime Minister Pedro Pessos Coelho went so far as to encourage his own people to seek their fortunes abroad.
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POGGIOLI: The line outside this foreign consulate is long. People are hoping to get visas to Portugal's former African colony, Angola, governed by a Marxist-led regime.
The visa applicants are of all ages, both skilled and unskilled workers. Forty-seven-year-old Antonio Letton, an electrical technician, is one of the few willing to talk.
ANTONIO LETTON: (Through translator) It's sad to have to leave here and seek work in our former colony. I'm extremely frustrated there are no jobs in my own country.
POGGIOLI: The former colonial master and its subjects have had a role reversal. Between 2008 and 2010, the number of Portuguese nationals registered in Angola grew by 64 percent. They're working in all fields, particularly construction, hotels and restaurants. Angola, rich in oil, diamonds and copper, is undergoing a huge building boom.
Pedro Santos Guerreiro, editor of the financial daily Negocios, says it's not easy for people brought up in a democracy to adapt to an authoritarian society.
PEDRO SANTOS GUERREIRO: What strikes me the most is that people have to give up some of their beliefs in order to be a in a regime that demands more from people than it should. But I won't be moralistic because people are leaving Portugal not to follow a dream but to escape a nightmare.
POGGIOLI: And in another role reversal, down-and-out Portugal is now a lucrative target for the newly acquisitive Angolan government.
TIAGO CAIDADO GUERREIRO: We're being colonized after 500 years by them. They have been buying here from banks to telecommunications to real estate assets, you name it, they buy it.
POGGIOLI: Tiago Caidado Guerreiro is a lawyer specializing in foreign investments. He says the Angolan government owns large stakes in two major banks, in Portugal's biggest cable TV operator and in a large publishing company.
But Angola is not alone. China has also forcefully entered the Portuguese market. It now owns large stakes in Portugal's energy sector.
Caidado Guerreiro says with Europe not providing investments, Portugal has to open up its horizons.
CAIDADO GUERREIRO: Our relation has always been with South America, with Brazil and with Africa, and also with China and India. It was fashionable to be European, but our history told us that that's not our place
POGGIOLI: But Miguel Gaspar, deputy editor of the daily Publico, is worried about the lack of transparency in business and the questionable labor practices of Portugal's new financial partners.
MIGUEL GASPAR: And I think there is a risk throughout the world, the democratic world - that you see that powers which are not democratic, you know, are having a larger and larger influence, economical influence.
POGGIOLI: Not only Portugal, Gaspar says, but the entire European community could find itself paying a hefty price.
Sylvia Poggioli, NPR News.