Be careful what you wish for ....

If it is true that in civil(ized) societies, the general population determines the level of democracy and therewith takes ownership of the(ir) pace of development, then, some societies or countries simply need or allow (their) politicians more than others do in order to progress.

Portugal's government has - rightfully - been jubilating a win, mostly over the distrust of credit rating agencies, with the high demand for a recent medium term sovereign debt issue, since it came under the financial assistance of the IMF/EU/ECB.  Yes there are plenty of circumstancial factors, a stage set by the ECB, a script designed by the aforementioned institutions but that need not withdraw the momentum for the actors that took the stage and thus the applause from most stakeholders and critics.  No oscar nominees here, however.

Then again, there is something quite trivial about celebrating the increase of debt, unless the debtor holds a proven track record demonstrating financial skill and/or economic vision. 

With this financial relief the government of a now over 120% of GDP indebted Portugal can (and is) carefully proclaiming a potential return to where the country financially and economically was a couple of years ago in particular in what concerns a surviving banking system now enabled to again partner up with private enterprise.  Time for a survey amongst companies, big or small, to share their experiences with their bank branch managers on the meaning and price of partnering up

The prime minister now also sees opportunity to, once again, appeal for EU structural aid (very different from the current conditioned lending......) to promote a missing railway connection with Spain, boost domestic agriculture, ahead of this Thursday's EU budget negotiations, while the Minister of Economy promises to question EU restraints on low income tax rates, the Minister for Foreign Affairs is roadshowing export and tourism markets, the Minister for Interior is promoting privatizations, the Minsiter of Justice is making every effort to arrive at a level playing field in commercial and civil law, Ministers of Health and Education are genuinly looking for economies of scale and efficiency.

So much political activity, one would wonder whether there is any real room for private initiative exclusively by private enterprises or the general population, other than moving elsewhere, which actually also has already been suggested by the prime minister. 

Then again, maybe private business owners or individuals simply do not want to the initiative and prefer to be led by their governors and that is, of course, a populations's own right.  A rather expensive long term option, tough.  At least the future grandchildren of the Minister of Finance can say that grandpa told you so.