Final Push
In this chapter I describe the process we followed as we approached the end of the program, which was the moment of truth when our strategy would be evaluated. If we were able to solidly establish our market access it would be a success; any other outcome
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João Moreira Rato
The European Debt Crisis
João Moreira Rato
The European Debt Crisis How Portugal Navigated the post-2008 Financial Crisis
João Moreira Rato NOVA IMS Universidade Nova de Lisboa Lisbon, Portugal
ISBN 978-3-030-61173-6 ISBN 978-3-030-61174-3 (eBook) https://doi.org/10.1007/978-3-030-61174-3 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Inês and to my sons, Francisco and Luís, for their constant support and patience
Foreword
Greece looms large in the perception of the European debt crisis, with Athens the natural focal point of attention. Yet it was far from the only country to find itself against the ropes in a multi-faceted, multi-pronged and existential crisis for the common currency project. Portugal was often the forgotten front, but its success in navigating the tumultuous period was no less important. João Moreira Rato’s detailed exploration of how Portugal found itself in dire straits, how it navigated the mess and ultimately managed to slowly rebuild investor confidence regain access to international capital markets in 2013 is therefore a vital contribution to the ongoing post-mortem of the European debt crisis—with lessons we can all learn from. Global Finance Correspondent, Financial Times
Robin Wigglesworth
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Contents
1 Background 1 2 Warming Up 17 3 Investors 35 4 International and Domestic Ecosystems 57 5 Restarting the Engines 71 6 Bumps on the Road 83 7 Final Push 97 8 Success113 Index127
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CHAPTER 1
Background
Abstract This chapter describes the econom
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