Portugal’s Economic Miracle Makes A Case Against Austerity

August 7, 2017 5:01 pm by Fernando Porta

LISBON — What a successful gamble for Lisbon: The European Commission is about to ratify the proposal to end Portugal’s excessive deficit procedure. The country will be joining the club of virtuous economies , against experts’ forecasts. The recovery is a remarkable achievement considering Portugal hit a virtual rock bottom in 2011. On the brink of bankruptcy, the country had to ask for financial assistance to the tune of 78 trillion euros from Brussels and the IMF and had been forced to take strict austerity measures. Know more here…