"Non-credible governments"

Do editorial do FT de dia 7:

"Lisbon has shown little appetite for the necessary belt-tightening and structural reforms of the economy to restore its long-lost ability to grow. The rest of Europe should be ready to extend rescue loans, but before it does so, it must demand that Portuguese politicians use the election campaign to seek a mandate from the people for a programme of reform. If this is achieved, and a loan is granted, all sides must accept that if the loan conditions are not met, aid will stop and a default triggered.

Getting the Portuguese rescue right matters for all of Europe, and most of all for Spain. Madrid has done all that Lisbon has not: it has taken drastic measures to cut the deficit, embarked on reforms to make the economy more efficient, and spared no effort to communicate with bond investors. There is no solid reason why Portugal’s failure should reflect on Spain. Undeserved as this would be, however, it cannot be excluded. [...]

If Madrid redoubles its vigilance it is likely to retain the credibility it deserves. Other countries must follow its example. For the second EFSF rescue to be the last, the line in the Iberian sand must be turned into a trench between credible and non-credible governments."

Portugal tem muitas fragilidades - mas nao merecia um governo tao irresponsavel.

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