Portugal's puzzle

My guess is that the Portuguese macro story since 1986 (1992?) is prety much similar to that of Ireland during... 1973 to late 1980s: following opening up, there was quick destruction of the old, including textiles, electric appliances and the like, and slow creation of the new ICT manufacturing and service sectors (I have a 2008 paper somewhere on that). The current financial desequiliria comes mostly from slow growth, and not the other way round. And of course from the stimulus packages, which tend to be forgotten in many stories.