Issue No. 2 of Year IV of the Journal of Public Finance and Tax Law

“The publication of the Journal takes place at a time when clouds are gathering over the European Union and, in particular, thickening over Greece, Ireland and Portugal, in large part due to the consequences of inaction on the part of European leaders and their contradictory statements which have continued to set fire to markets.

The saga of Greece has made it clear that it is impossible to resolve the situation of these countries merely through the application of austerity measures, drawn up by the International Monetary Fund, the Commission and the European Central Bank, which do appear to even be able to ensure the sustainability of public finances and, even less, any possibility of economic growth for those countries.

The lowering of Portugal’s rating by the Moodys agency led to an unexpected consensus in Portugal concerning the wrongdoings of such agencies which, some months ago, was the object of a criminal complaint on the part of a group of economists, in particular José Reis and Manuela Silva.

The decision to lower the rating of our Republic, which was followed by the application of an exactly similar measure to the most important Portuguese banks reflects, above all, the lack of belief of such agencies in the virtualities and potentialities of programmes imposed on the countries in greatest difficulties."

Eduardo Paz Ferreira
Director of the Journal of Public Finance and Tax Law