{"id":178488,"date":"2018-11-13T20:28:00","date_gmt":"2018-11-14T01:28:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2018\/11\/13\/iceland-and-now-portugal\/"},"modified":"2018-11-13T20:28:00","modified_gmt":"2018-11-14T01:28:00","slug":"iceland-and-now-portugal","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2018\/11\/13\/iceland-and-now-portugal\/","title":{"rendered":"Iceland, and Now Portugal"},"content":{"rendered":"

Portland has eschewed the confidence fairy, and austerity, and their economy is going gangbusters<\/a>:<\/p>\n

Ram\u00f3n Rivera had barely gotten his olive oil business started in the sun-swept Alentejo region of Portugal when Europe\u2019s debt crisis struck. The economy crumbled, wages were cut, and unemployment doubled. The government in Lisbon had to accept a humiliating international bailout.<\/p>\n

But as the misery deepened, Portugal took a daring stand: In 2015, it cast aside the harshest austerity measures its European creditors had imposed, igniting a virtuous cycle that put its economy back on a path to growth. The country reversed cuts to wages, pensions and social security, and offered incentives to businesses.<\/p>\n

The government\u2019s U-turn, and willingness to spend, had a powerful effect. Creditors railed against the move, but the gloom that had gripped the nation through years of belt-tightening began to lift. Business confidence rebounded. Production and exports began to take off \u2014 including at Mr. Rivera\u2019s olive groves.<\/p>\n

\u201cWe had faith that Portugal would come out of the crisis,\u201d said Mr. Rivera, the general manager of Elaia. The company focused on state-of-the-art harvesting technology, and it is now one of Portugal\u2019s biggest olive oil producers. \u201cWe saw that this was the best place in the world to invest.\u201d<\/p>\n

At a time of mounting uncertainty in Europe, Portugal has defied critics who have insisted on austerity as the answer to the Continent\u2019s economic and financial crisis. While countries from Greece to Ireland \u2014 and for a stretch, Portugal itself \u2014 toed the line, Lisbon resisted, helping to stoke a revival that drove economic growth<\/a> last year to its highest level in a decade.<\/span><\/p><\/blockquote>\n

The EU is dominated by Germans, and German economic philosophy, which has not changed since their disastrous policies during the Great Depression, which created the most brutal economic downturn in all of Europe and rise of the Nazis.<\/p>\n

Here’s hoping that Merkel’s successor doesn’t stake their political career on inflicting pointless misery on fellow EU members the way that she did.<\/p>\n","protected":false},"excerpt":{"rendered":"

Portland has eschewed the confidence fairy, and austerity, and their economy is going gangbusters: Ram\u00f3n Rivera had barely gotten his olive oil business started in the sun-swept Alentejo region of Portugal when Europe\u2019s debt crisis struck. The economy crumbled, wages were cut, and unemployment doubled. The government in Lisbon had to accept a humiliating international …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[392,630,584],"class_list":["post-178488","post","type-post","status-publish","format-standard","hentry","tag-economy","tag-european-union","tag-win"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/178488"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=178488"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/178488\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=178488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=178488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=178488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}