Today's Financial times published a letter from me and Luis Garicano. It is pasted below:
Sir,
The European Union’s urge to have the main Portuguese parties sign a comprehensive rescue plan before the general election (report, April 19) is misguided, as it affronts democratic values and provides an opening for populist parties to rise. International institutions must learn the lessons from Ireland’s rescue, including showing respect for the political process. It would suffice to have a two-month bridge loan that comes due very soon after the election, at a punitive interest rate, coupled with a written commitment from the main parties to hit a multi-year deficit target. The Portuguese could then choose what mix of higher taxes and lower spending they want when casting their votes in the election. Paying an interest rate close to the current market values on a two-month loan is a cost the Portuguese should be willing to pay to keep their right to vote, and the EU’s rescue plan would gain legitimacy and a lower risk of future renegotiation.
Thursday, 28 April 2011
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ReplyDeleteOra, nem mais!
ReplyDeleteThat all sounds fine but, shall we not forget that all this rush to get a rescue plan is our fault. We are only rushing because we (i.e. our government) didn't correctly budgeted 2011 or did not control that budget. It is our fault that we don't have cash to pay for more than a couple of months for public expenditure. It is our fault alone... Unfortunately :-(
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