Praça Almeida Garrett (The Supporter)

Cais da Ribeira (The True Fan)

Estação de São Bento (The Shoot Out)

The Shoot Out was possible thanks to Jose Matos Fotografia.

Largo do Bonjardim (The Fishwife)

Rua de Santo Ildefonso, 287 (The Punjabi Brothers)

Praça da Liberdade, 123 (The Ticket Office, or how to get a girl's email address in 4 easy steps)

Rua de Santa Catarina, 2 (The Bricklayer)

Praça da Batalha (The budget discussion, 2)

Rua dos Almadas, 326 (The budget discussion)

Rua de Santa Catarina x Rua Formosa (The imam khatib)

Rua Santa Catarina, 390 (The cold autumn morning)

Estaleiro do Ouro (The Secured Loan, 5 of 5)

(continued from here)

However, at the foreclosure sale, no one bidded for the boat, since the bank had forgot to put mortgage on the fishing permit. There was simply no one interested in buying a boat without a fishing permit.

And so the boat never returned to sea and ended up rotting in Afurada. Some time later Goa even sold the fishing permit for $200,000.00 which allowed him to buy another boat and another motor.

Estaleiro do Ouro (The Secured Loan, 4 of 5)

(continued from here)

Unfortunately, fish prices declined for quite some time and the business venture didn't go very well. The project soon turned cashflow negative and Goa defaulted on the loan.

The bank (a now defunct local savings & loan called Credito Predial Portugues) accelerated the loan and proposed a debt settlement which Goa didn't accept, leaving the bank no option other than to proceed with a foreclosure action.

(continues here)

Estaleiro do Ouro (The Secured Loan, 3 of 5)

(continued from here)

That's when he told me about a banking situation back in the 70s that left him in the cold: after his journey to Newfoundland I've told you about before, Goa decided to start its own fishing business and soon he was thinking of buying a boat.

So he went to the bank and applied for a loan of $500,000.00. The bank took a mortgage on the boat as collateral and set up a reserve account of $50,000.00.

(continues here)

Estaleiro do Ouro (The Secured Loan, 2 of 5)

(continued from here)

Goa was attempting to remove several engine parts including the carburator, and we talked for a while.

At first he started telling an old story involving him and some local ladies back in Angola, but we ended up talking about the financial crisis and the current state of the banking system.

(continues here)

Estaleiro do Ouro (The Secured Loan, 1 of 5)

As you may already know, from time to time I get to talk a little bit with Goa, who is usually repairing his boat at Estaleiro do Ouro. A few days ago he was trying to salvage some spare parts from an old motor he had lying around.

(continues here)

Rua 31 de Janeiro, 20 (The Refusal)

Estação da Trindade (The cute nonchalance)

Rua Trindade, 75 (The Math Geek)

Rua Sá da Bandeira x Rua Fernandes Tomás (The Funny Remark)

Rua de Santa Catarina, 122 (The Daddy Shift)

Avenida dos Aliados, 57 (The Young Couple)

Rua Fernandes Tomás, 832 (The Masked Graphic Designer, 2 of 2)

Rua Fernandes Tomás, 832 (The Masked Graphic Designer, 1 of 2)