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This work studies some of the effects of the Troika austery measures on the manufacturing Portuguese firms in terms of efficiency scores. We adopted a non-parametric approach, which combines multidirectional efficiency analysis with other techniques, to examine two empirical hypotheses after the financial crisis and corresponding intervention of the Troika measures: (a) the performance of firms in the manufacturing sector has improved; (b) the manufacturing sector significantly acquired long-term debt but use it in an efficient way. Our results show that validation of the first hypothesis heavily depend on the firm size, and the second hypothesis is correct only with respect to long-term debt acquiring. In fact, some sectors have managed to maintain an acceptable level of efficiency, according to the circumstances, however, most showed some inefficient level in the management of resources and less than 10% were able to overcome the difficulties presented after the intervention of the Troika. In approx. 77% of firms there was an acquisition of long-term debts, but it was the variable that was used less efficient.
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