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The aim of this paper is to analyze how he Social and Solidarity Economy is perceived in a context of restrictions and economic adjustments imposed by the Financial Assistance Program in Portugal. The approaches on Social and Solidarity Economy are narrowly linked to the public policies developed by the coalition government of PSD-CDS in order to face the social consequences of the financial and economic crisis. In accordance with its goal, this paper proposes a critical analysis focused on a) the Emergency Social Program and its public presentation by the Ministry of Solidarity and Social Security; b) the Government Program elaborated by the 19th Constitutional Government; c) the Common Agreement and Commitment between the Portuguese government and the Social Economy Sector; and d) the hegemonic discourse on entrepreneurship. This analysis shows, on the one hand, how the Social Economy is seen as a palliative for market and state failures and, on the other hand, how the Solidarity Economy is limited by a punishingcorrective view on the informal economy and a dominant discourse focused on the virtues derived from an entrepreneurial attitude. Keywords: Social Economy, Solidarity Economy, Informal Economy, entrepreneurship, austerity.

La Economía Social y Solidaria en el contexto de las políticas de austeridad