«The apology of Sócrates»

SPANISH matadors kill bulls in the ring; the Portuguese put them down after the fight. When the Greek debt crisis threatened to engulf Iberia in May, Spain went in for the kill, slashing spending and freezing pensions. The more measured approach of José Sócrates, Portugal’s prime minister, involved limiting wage cuts to politicians and senior civil servants, increasing value-added tax and postponing big infrastructure projects. Spain’s quick moves helped it escape the storm. But Portugal’s borrowing costs soared to a euro-era record in September. Now Mr Sócrates has been forced to accept his mistake with a new austerity package at least as tough as Spain’s.

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► The Economist