Portugal and PIGS: Main Lessons of Economic Recovery

... recovery from this catastrophic decline was only possible thanks to external credit lines provided by the European Union and the IMF. Except for Spain, assistance hinged on sweeping reforms, mostly aimed at consistent budget consolidation through curtailing spending and ... ... might be in a position to go it alone. While Portugal boasts a clear-cut long-term strategy for restructuring its economy and Ireland seems to have an integrated vision of the way ahead, Spain has been reluctant go beyond general statements and declarations,...