Portugal needs to fast

In view of Portugal's poor economic situation and damaged creditworthiness on the international market, the daily Jornal de Notícias writes that the country will have to fast not just until Easter, but for the next three years: "When we entered the Eurozone we agreed to adhere to certain rules of good economic and financial conduct. However we weren't particularly exemplary when it came to adhering to them. The 2009 budget deficit and the nervousness of today's global market mean that the Stability and Growth Programme (SGP) ... is more important than ever. Does the SGP signify that our current period of fasting and abstinence must last for the next three years? As a repeat offender with little creditworthiness we have no choice but to cut some expenditures and foreswear others altogether. If that is done in a rational way the state can emerge on a sounder footing than before. ... But we shouldn't kid ourselves. As is so often said, we are the state."

» full article (external link, Portuguese)
More from the press review on the subject » Economic Policy, » Tax Policy, » Portugal
All available articles from » Alberto Castro

» To the complete press review of Tuesday, March 2, 2010