Angola: Angola pours oil money into debt-ridden Portugal

President Eduardo dos Santos said Angola was prepared to invest its burgeoning petrodollars in Portugal, which has been ordered to privatise struggling state-owned firms under a €80bn (£70bn) International Monetary Fund bailout. Visiting Portuguese prime minister, Pedro Passos Coelho, said the country was looking to privatise [state utility company] Energias de Portugal and [national grid] REN. Other state-owned entities up for grabs include the national airline Tap and the Banco Português de Negócios. Banco BIC of Angola is set to buy the distressed bank for €40m – less than a fifth of its original market value. Isabel dos Santos, daughter of the long-serving president, is a part owner of BIC. Some Angolans have criticised the growing financial ties between Lisbon and Luanda, amid worries of capital flight and Angola's own yawning poverty gap. In 2008, two-thirds of Angolans lived on less than €1 a day, while only 25 per cent of children are enrolled in primary school.