Antonio Costa, Prime Minister of Portugal. CC.
Portugal has been getting noticed for its remarkable recovery in the last two years, defying the doomsayers who predicted the devil was coming the moment that the Troika-prescribed policies were reversed and an expansionary policy was adopted instead.
The left-wing government that came to power in 2015, ridiculed by the media as a “contraption”, reversed many of the cuts imposed by the previous austerity government, which had tried to go “beyond the Troika” with disastrous consequences. Under Troika policies the deficit limit was always exceeded, public debt rose from 90% to 120% of GDP, and unemployment went through the roof.
