Years of easy access to financial markets and EU net transfers have masked many problems while making the country's traditional imbalances worse still. This runs contrary to what might have happened had we had responsible leadership and purposeful government over many years.
It is now time to let bygones be bygones and build on Portugal's strengths from a position of underlying weaknesses. A work in progress the country will forever be given its entrenched dislike of any meaningful reform - where sorely required - of existing practices and rigidities across nearly every segment of human activity.
Exports seem like the only true bright spot as private-sector companies geared themselves up to external markets and delivered. Given their share of GDP they cannot, however, thrust the economy forward on their own.
Portugal's adjustment is far from complete nor is there any certainty it will ever be accomplished.
It is unclear whether or not the leadership have understood the real issues besetting the country.