Feature

Portugal: Lessons from one who has been there

“Not only will this bailout, when it is inevitably forced on you, not get you out of your current troubles, it will actually prolong your troubles for generations to come,” said an editorial in the Sunday Independent.

EditorialSunday Independent (Ireland)

“Dear Portugal, This is Ireland here.” I’ve heard your economy has been suffering a bit, said Ireland’s Sunday Independent. As one who’s been there, I thought I could offer you some guidance on what lies ahead.

Now the grand international finance pooh-bahs are pressuring you to take a bailout, and your politicians claim “to be determined not to take one.” I believe the phrase was “over their dead bodies.” In my experience, that means you’ll be getting one within the next few days. Now, I know English isn’t your first language, so you probably don’t understand that “bailout” does not mean “help” or “assistance.” To get an idea of what you’re in for, I “suggest you get your English-Portuguese dictionary and look up words like: money-lending, usury, subprime mortgage, rip-off.”

I got my first, $90 billion bailout last fall (a week after my leaders ruled it out). Now I need another, and my taxpayers face a bill of nearly $100 billion. Yet even those who still have decent jobs can’t get mortgages or car loans. Both business and consumer spending have utterly collapsed. “Not only will this bailout, when it is inevitably forced on you, not get you out of your current troubles, it will actually prolong your troubles for generations to come.”

Have a lovely day! Cheers, Ireland.

Recommended

DHS says it 'is not and will not send' Haitian migrants to Guantanamo Bay
Haitian migrants at southern border
Haitian migrants

DHS says it 'is not and will not send' Haitian migrants to Guantanamo Bay

Kabul's holdover mayor says he finds Taliban 'more tolerant'
Taliban fighters.
afghanistan

Kabul's holdover mayor says he finds Taliban 'more tolerant'

Macron and Biden patch things up
Biden and Macron.
friends again

Macron and Biden patch things up

Boris Johnson says French should 'prenez un grip'
Boris Johnson.
not lost in translation

Boris Johnson says French should 'prenez un grip'

Most Popular

Jimmy Fallon and Nicole Kidman almost make it through interview without awkwardness
Jimmy Fallon and Nicole Kidman
Last Night on Late Night

Jimmy Fallon and Nicole Kidman almost make it through interview without awkwardness

Did Theranos Lose Afghanistan?
Elizabeth Holmes and James Mattis.
Samuel Goldman

Did Theranos Lose Afghanistan?

Depp says 'no one is safe' from cancel culture
Johnny Depp
'out of hand'

Depp says 'no one is safe' from cancel culture