Thursday 14 December 2017

No fairytale ending as two little 'Pigs' rebuild house

Lisbon, capital of Portugal – the country suffered a financial collapse similar to the one that shook Ireland
Lisbon, capital of Portugal – the country suffered a financial collapse similar to the one that shook Ireland
Brendan Keenan

Brendan Keenan

Ever since we were in the sty together, I have had an interest in that other little Pig, Portugal. Not that Portugal is all that small (10.5 million people) but we shared a common fate.

That darned acronym later got extended to include Italy and Spain (Piigs) but the sad truth is that only ourselves, Portugal and Greece ended up in a full, formal bailout. One has to take an interest in Greece, of course, because of the tragic mess that both the Greeks governments and the EU have made of it, but Portugal is worth study for different reasons.

Wide-ranging ones too. Like Ireland, Portugal has made a remarkable recovery from a horrendous crash. That raises again the question of whether the much-criticised troika approach might, in fact, be the best way of going about things.

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