According to a report by the Diário de Notícias Portugal had gradually allowed considerable slippage in state-managed public works, as well as inflated top management and head officer bonuses and wages, since the Carnation Revolution in 1974 to the reckoning of an alarming equity and sustainability crisis in 2010. Also, established recruitment policies boosted the number of redundant public servants, while risky credit, public debt creation, and European structural and cohesion funds were mismanaged over nearly four decades. When the global crisis disrupted the markets and the world economy, together with the US credit crunch and the European sovereign debt crisis, Portugal, with all of its structural problems—from the colossal public debt to the civil service's overcapacity—was one of the first and most affected economies to succumb.