Sunday 24 September 2017

Portugal's crisis shows that our problems haven't gone away

One lesson to learn from Portugal is how little room for manouevre there actually is for the bailout countries

Brendan Keenan

Brendan Keenan

IN THE fairytale, there is only one little piggy left standing, because its house is made of brick.

Last week, as Portugal teetered, it began to look as if Ireland would be the only bailout PIG (Portugal, Ireland, Greece) to avoid the collapse of its programme and the nasty consequences which are assumed to follow.

But is the Irish house really made of such solid stuff? There are grave doubts at home; often backed by substantial data about the positive, but illusory, effects of US multi-nationals on growth and UK tax-avoidance schemes on the national balance sheet.

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