«In two short weeks Portugal has gone from being a model pupil, praised in Brussels and Frankfurt for steadfastly pressing ahead with a reform programme tied to a €78 billion ($101 billion) bail-out to a cautionary example of the dangers facing governments which attempt to push austerity beyond the tolerance of long-suffering voters.
…
In the 15 minutes that Mr Passos Coelho took to announce his scheme on television earlier this month, he performed the remarkable feat of uniting not only the opposition parties against his “intolerable” plan, but also trade unionists, big business and economists.»
[«The tipping point», Economist, Sep 22]
«"Portugal is sailing dangerously close to the wind," said Nicholas Spiro, managing director at Spiro Sovereign Strategy in London.
So far, Mr. Spiro said, Portugal's adherence to the bailout program has made investors confident that the country can avoid the path of Greece, which is struggling under a second international aid package after failing to emerge from a first.
"A political crisis could be the trigger of a reassessment of the credibility Portugal has achieved," Mr. Spiro said.»
[«Pension Uproar Sours Portugal's Recovery», Wall Street Journal, Sep 21]
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