A ler: “The likes of Portugal should default on their debt” (em inglês).
” (…) Beyond these manageable issues, however, economic, financial and electoral self-interest have prevented Germany from discussing the default option. Likewise, France and Italy, both of whom possess higher debt-to-GDP ratios than Portugal, have benefited from the markets’ focus on Lisbon’s problems. The Portuguese firewall has also shielded Spain and Belgium, likely the next targets of the markets.
Pretending the default option does not exist violates fundamental economic principles that will eventually override any political preference. To avoid wasting a decade, the governments of Greece, Ireland and Portugal should force Europe to discuss a debt restructuring. France, Germany, Italy and Spain, for their part, would be well advised to listen. As the economist Irving Fisher wrote in an article on debt during the Great Depression, to assume that under excruciating socio-economic conditions all debts will be repaid is as absurd as assuming “that the Atlantic Ocean can ever be without a wave“. (…)”