70 economists petition for an immediate Portuguese debt restructure

Screen Shot 2014-03-20 at 9.17.05 AMWhile Frankfurt-Berlin-Brussels are in full spin mode on Portugal, pretending that the fiscal consolidation program was successful and the country is about to exit its bailout (a little like exiting the frying pan to land in the fire itself), the bitter reality is that Portugal’s public debt is out of control, its labour market in shambles, its real economy moribund. Against the grain of Europe’s shameless propagandists, 70 of us have signed a petition calling for an immediate debt restructure that might give Portugal a chance to escape its debt-deflationary spiral. Click here for a pdf of our letter/petition as published in a Portuguese newspaper. 

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  • I have been a long time follower of your blog but this is the first time I post a comment here. As a Portuguese, I want to thank you and all your co-signers for signing this manifesto.

    This manifesto united 70 Portuguese personalities from left to right because anyone who is intellectually honest sees that the Portuguese debt is not sustainable. However, it was flabbergasting the reaction this manifesto provoked in the political and economic elites. The powers-that-be try to discredit it by any means necessary, usually by ad hominem attacks. I do not know if it was for ideology, cowardice or simply for self-interest.

    Having a wide range of economists from many different countries makes this manifesto even more credible and the reality harder to deny. We are in a bitter battle for the soul of the European project and for the future of Portugal, Greece et al. Thank you immensely for your contribution during this whole crisis but especially today.

  • To fire fight the root cause, the Euro, did not come to the mind of those 70 economists…

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