Costa seeks to resuscitate Portugal’s economy by using EU cash to ‘invest fairly in everything’

114resusciate economySix years ago, when José Manuel Durão Barroso was president of the European Commission, he called the 26 billion that Portugal could access from EU community funds a “mass bandage”. Since then a new threat has shaken up the country’s economy, and a new “mass bandage” is on the horizon, in fact a much bigger one than in 2014,

However, prime-minister Antonio Costa is clear that he wants to see the EU money distributed efficiently through the country’s different sectors. For now the message he is hammering home is that the money will not be restricted to science, nor infrastructure, nor to companies: “We have to invest in everything”, he said during a visit a textile company in Guimarães.

One of the problems that Portugal will face in the distribution of funds in the PM’s view is making correct choices on the investments that will be useful and that fit either the strict rules of the Recovery and Resilience Fund, created to face the effects caused by the pandemic, or in what Portugal wants to do within the next multiannual financial budget,

To the workers of the textile sector, Costa expressed that they will not be left out, as the industry is one of the most traditional and culturally relevant in the country. He highlighted that there must be a “marriage” between traditional industries, science and technology because “only in this way can the country be reindustrialized”.

In a motivational message, the prime minister recalled that “we cannot let our lives slip with the virus” and that we have to adapt individually and as a community, and that “we cannot drop our arms or give up. It is time to roll up our sleeves”.

However, he highlighted that the path going forward is full of “uncertainties” that have to be “incorporated into the decision-making process”. The biggest being what happens when the pandemic ends.

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0 #10 Brook 2020-09-11 19:22
Boris Johnson isn't running Britain, it's the unelected Dominic Cummings that is in charge ... at least Antonio Costa was elected to this position by the people.
0 #9 Norman L 2020-09-11 12:59
I can't remember the percentage of how much legislation is national and how much is EU, but it's up there in the nineties on the side of national, so any Brussels cabal has little influence on what the Portuguese or the Brits adopt by way of legislation. The only unelected bureaucrats running the UK are Cummings and co, and they're doing it exceptionally badly. Other opinions are of course available.
+1 #8 Chip 2020-09-11 10:35
Quoting Brook:
Antonio Costa should contact Boris Johnson for advice on, how to run a County into the ground !

Costa's not running the country. The Brussels cabal is calling all the shots.
0 #7 Brook 2020-09-10 19:01
Antonio Costa should contact Boris Johnson for advice on, how to run a County into the ground !
+8 #6 Maximillian 2020-09-10 15:49
It's one big Muppet play. The documentary "owners of Portugal" gives a good insight of how things really are:
+9 #5 JC 2020-09-10 11:33
"Invest in everything"

Code for squandering other people's money.

As long as the old guard control Portugal nothing will ever change.

Shouldn't alarm bells be ringing the government passed some anti corruption legislation one day before the Rui Pinto trial started.

One day!!!

That to me sums up the whole problem.
+6 #4 Stuart Wood 2020-09-10 08:34
Invest in "everything". Another detailed and well thought out plan for economic recovery from a government devoid of any idea of how to manage the finances of a country if it doesn't involve tourism and raising taxes, oh... and failing to live up to the expectation of the provision of EU funds in the first place! I expect this money will go the same way.
+10 #3 Maximillian 2020-09-09 22:08
Portugal is granted funds in return for an economic restructuring. So far Sr. Costa has 'forgotten' to share any details with us. Sooner or later we will be presented the bill (e.g. tax hikes).
+9 #2 JC 2020-09-09 20:00
Yes more BS from the beggars.

No wonder the UK ran for the exit.

What has this government done for the people?

What about the A22 built for the people by EU funds then they were robbed of it by tolls.

So only the ever holidaying Presidant can race up and down in a convoy,along with the privileged few.The rest condemned to driving on Europe's most dangerous roads.
+10 #1 Chip 2020-09-09 17:38
Fine words, but the key ones are "using EU cash".

How fortunate are Portugal that they can get more handouts from Auntie in Brussels.

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