Home Digest Features Portugal: Lessons from one who has been there “Not only will this bailout, when it is inevitably forced on you, not get you out of your current troubles, it will actually ...

A Portuguese policeman holds a sack of cocaine after a drug bust in Lisbon in this March 22, 2006 file photo. Portugal started patrolling its coastline in 2000 with high-speed boats.

The first lesson that Portugal should derive from Greece’s experience is that severe budget austerity in a currency union is a sure recipe for the deepest of economic recessions. Without the ...