My friend André Azevedo Alves gives his perspective on the Portuguese situation in the Institute of Economic Affairs blog. Check it out.
André insists rightly on the need for a "haircut" on private creditors if a bailout materializes.
I would like to hear him on other serious issues such as private sector debt, the unbalanced relationship between the prices of tradable and untradable goods, or unit labor costs in Portugal. And ultimately membership in the eurozone.
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