I believe outgoing PM Sócrates will have faced the nation before the cameras yesterday evening with mixed feelings. On the one hand a sense of relief, on the other deep worry over the country's near term direction and fortune.
Portugal continues to face tough choices that have only been lightly addressed over years of internal strife and sniping from a host of stakeholders in the country's State institutions. These include public sector companies that continuously drain the State's dwindling resources...
It is not known whether a critical mass consensus is achievable sectorwise that will set in train longtime much talked about reform. In most cases to little actual implementation.
Except for a handful successful instances much here remains intricate enough.
Conservatism is perhaps a byword that best describes Portuguese society and its political representation.
Portugal continues to face tough choices that have only been lightly addressed over years of internal strife and sniping from a host of stakeholders in the country's State institutions. These include public sector companies that continuously drain the State's dwindling resources...
It is not known whether a critical mass consensus is achievable sectorwise that will set in train longtime much talked about reform. In most cases to little actual implementation.
Except for a handful successful instances much here remains intricate enough.
Conservatism is perhaps a byword that best describes Portuguese society and its political representation.
Sócrates' first mandate did initially push what looked like a reformist agenda. It soon ran into stiff opposition from well entrenched professional lobbies and vested interests.
Gradually that government lost steam and was later too busy dealing with the economic fallout from the financial meltdown and the 2009 recession.
The second mandate has been wholly hijacked by the sovereign debt crisis. Successive ever stricter austerity packages brought before Parliament aimed at faster fiscal consolidation to cool down financial markets presented as optionless must-do policies.
To no avail. Nothing ever seemed enough.
As a result Portugal now slides into a double dip recession only just acknowledged by the government.
Gradually that government lost steam and was later too busy dealing with the economic fallout from the financial meltdown and the 2009 recession.
The second mandate has been wholly hijacked by the sovereign debt crisis. Successive ever stricter austerity packages brought before Parliament aimed at faster fiscal consolidation to cool down financial markets presented as optionless must-do policies.
To no avail. Nothing ever seemed enough.
As a result Portugal now slides into a double dip recession only just acknowledged by the government.
But Portugal's underlying problems remain internal structural weaknesses irresponsibly disguised over years of cheap credit. While it lasted that giddy low-interest money-spinner (the markets) suited governments in the periphery, the Eurozone's core countries, lenders and regulators (caught napping) alike.
The joys of the system would anyway be short-lived but only a tiny few could read the small print well ahead of time.
The joys of the system would anyway be short-lived but only a tiny few could read the small print well ahead of time.
The country's spending binge was unsustainable by definition. Not enough ever found its way into productive sectors of the economy.
On the contrary, that which should have been prioritised was pretty much left to die a slow death hastened by cheap imports from Asia and the EU's two enlargement rounds to take on former Eastern European countries.
A double or triple whammy Portugal was hardly ever able to withstand.
On the contrary, that which should have been prioritised was pretty much left to die a slow death hastened by cheap imports from Asia and the EU's two enlargement rounds to take on former Eastern European countries.
A double or triple whammy Portugal was hardly ever able to withstand.
Now the road ahead is narrowed down to a little alleyway the next government cannot get away from.
Dealing with issues of the day is challenging enough.
But if Portugal is to eventually resume sound economic growth the next government will need the backing and commitment from a large enough number of people in high and not-so-high places across society.
Most important of all a leadership with a vision and a sense of purpose is direly called for.
Dealing with issues of the day is challenging enough.
But if Portugal is to eventually resume sound economic growth the next government will need the backing and commitment from a large enough number of people in high and not-so-high places across society.
Most important of all a leadership with a vision and a sense of purpose is direly called for.
Countries do not pass away.
They may and do wilt and impoverish or bloom and prosper however.
They may and do wilt and impoverish or bloom and prosper however.
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