A carefully worded cautious letter targeting FT readers at large but mainly those who matter in the indiscernible world of financial markets.
The Portuguese PM is a well meaning man who has so far displayed steadfastness and strong will in the face of great odds. His government's task remains daunting but already there are more than a few results to show for it achieved in less than a year in office.
The downside has been a huge jump in the unemployment rate whose peak is yet to be reached.
Also, acknowledgment of a flawed growth model - I doubt there ever existed one - raises hope that when the current austerity programme is over Portugal will eventually find a new balanced path to prosperity.
Until then the economy needs a sharp focus regardless of all else.
I believe the PM and the cabinet are generally aware of it.
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