Sou só eu, ou este texto é deprimente?

Within Portugal, it is doubted whether the caretaker government – which lost a parliamentary vote of confidence last month – has the constitutional authority, let alone the political legitimacy, to commit the country to the kind of conditions a loan from the EFSF would entail. This is especially so since the political class has miserably failed to reach a consensus on the deficit-cutting measures the country can no longer delay. And Portugal’s eurozone partners will not find it politically possible – nor should they – to advance the funds without such conditionality, even if only to jump refinancing hurdles reached before a new government is elected in June.

 

Given these facts, it would have been better forLisbonto tough it out in the markets for a few more months. Having to pay even several percentage points more to refinance the €12bn due between April and June makes little difference to the €144bn debt outstanding. That is still the most likely outcome. But the abrupt manner ofLisbon’s volte-face has not made this strategy any easier.

 

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For Portugal, that willingness is a bigger “if” than even forGreece.Lisbonhas shown little appetite for the necessary belt-tightening and structural reforms of the economy to restore its long-lost ability to grow. The rest ofEuropeshould 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.

Somos como que o leproso da Europa...

Crap...

Excertos do Editorial do Financial Times de ontem, by the way...