Monday, July 23, 2012

How to achieve growth?

However the sense of entitlement in the statement above is breathtaking. When people lend a country money they are not giving charity, instead they expect it back with interest. It is their free money (the lenders'). Taking your neighbors money is usually called theft.
The fact that Portuguese citizens suffer in doing so is besides the point. Plenty of people suffer paying back their student loans, their mortgages and their credit card accounts. Does Mr Lains believe that such people should withhold repayment when doing so is challenging?
Portugal is not a child under 18. It is a western European and democratic country. It has qualified economists and a civil service who can advise the government. It is true that joining the Euro absent a federal government was foolish. It chose to act thus and should now suffer the consequences of its actions.
And it is rather peculiar that when individuals make similar calamitous mistakes we have little or no sympathy. When a country does (one that should know better) many shed crocodile tears....