Cape Verde independence for the archipelago in 1975. Following the April 1974 revolution in Portugal, the PAIGC became an active political movement in Cape Verde. In December 1974, the PAIGC and Portugal signed an agreement providing for a transitional government composed of Portuguese and Cape Verdeans. On 30 June 1975, Cape Verdeans elected a National Assembly which received the instruments of independence from Portugal on 5 July 1975. In the late 1970s and 1980s, most African countries prohibited South African Airways from overflights but Cape Verde allowed them and became a centre of activity for the airline's flights to Europe and the
Cape Verde–European Union relations Bosnia and Herzegovina. In terms of respect of democracy the Freedom house report ranks Cape Verde top in Africa and again Cape Verde has a better ranking than that of some designated "potential candidate or member countries" of the EU: Bosnia and Herzegovina, Croatia, and Albania. Most of the imports and exports of Cape Verde are for and from the European Union, and it has a service-based economy. Its currency, the escudo, is pegged to the euro. Although the Cape Verde archipelago is geographically in Africa, there have been similar situations before. Cyprus is an island nation that, despite being