Portugal's Finance Minister, Maria Luís Albuquerque, has hit out at the country's unerring ability to repeat the mistakes of the past with three adjustment programmes in less than four decades.
Speaking at the closing session of the "Future of Portugal" conference, the Minister argued that "the importance of continuing the adjustment programme is evident," despite the economic recovery, as the public and private debt levels are still high and that "potential for further reform is still great," advocating "responsibility" in the management of public accounts.
"In less than four decades, Portugal has executed three adjustment programmes. However, instead of valuing the results achieved with a decisive and intense collective effort in times of crisis, maintaining the same determination in the post-programme period, we eventually repeat the same mistakes," said the Finance Minister.
"As economic conditions improve the restrictions of the past seem more distant," said Albuquerque, adding that the current period in Portugal’s development is therefore "a turning point."
"Today, and after particularly difficult programme in the context of the challenges, and our participation in the euro, we have a duty to take responsibility as an imperative. Accountability in the management of public accounts is key, as the reason for of all (of Portugal’s) programmes was the state's inability to obtain financing," she argued.
The minister declined to speak to reporters at the end of the conference, predicting accurately that journalists would have posed testy questions on the Prime Minister’s forgetfulness in paying his social security and tax bills during a period of self-employment.
