The Economist has just come out with a 1-page summary of which are, and which are not, the problems of the Portuguese economy. Get it here. I agree with 90% of what is in it, and from their writings here, I think most members of this blog do too.
Informed Portuguese readers of Portuguese newspapers will find this article boring---it just states succinctly what many economists (including some that write in this blog) have been writing in the Portuguese press for a long time. The article will only be useful to those insufferable people in the country who are continuously criticizing the Portuguese press and its hard-working journalists, but then bow uncritically to anything that comes out in a foreign publication. (The term for them, in Portuguese, is "parolos".)
English-speaking readers, however, get a lot of noisy signals. In the past week, these have included the blank statement: "Portugal is the next Greece," which is always mysterious, sometimes misleading, and in some contexts either spot on or just plainly factually incorrect. For those, this article might be useful.