Portugal loves its new IMF rulers

The New York Times reported yesterday on Portugal’s efforts to meet the conditions set by the International Monetary Fund. If the article is accurate, there is an unusual degree of public support for the IMF’s work: When the I.M.F. was last called to Portugal’s rescue in the early 1980s, the intervention was widely unpopular, largely ...

By , a professor at Indiana University’s Hamilton Lugar School of Global and International Studies.

The New York Times reported yesterday on Portugal's efforts to meet the conditions set by the International Monetary Fund. If the article is accurate, there is an unusual degree of public support for the IMF's work:

The New York Times reported yesterday on Portugal’s efforts to meet the conditions set by the International Monetary Fund. If the article is accurate, there is an unusual degree of public support for the IMF’s work:

When the I.M.F. was last called to Portugal’s rescue in the early 1980s, the intervention was widely unpopular, largely because it led to a sharp rise in interest rates.

This time, despite grumblings by Portugal’s powerful Communist party about foreign intervention and excessive austerity demands, “there is a real and widespread sense of relief that we are finally getting helped by qualified financial experts, because people here are completely fed up with mismanagement by our politicians,” said Pedro Reis, author of “Returning to Growth,” a recent book detailing Portugal’s economic woes.

Nuno Vasconcellos, who heads Ongoing, a family investment company that has several media businesses, as well as a significant stake in Portugal Telecom, said the arrival of the I.M.F. “must be seen as the perfect excuse to make all the reforms that Portugal has refused to consider for the past 30 years.”

Traveling in Ireland recently, I was also surprised by the absence of anomosity toward the Fund. Almost all the ire I heard was directed toward national politicians. I’d be very curious to see polling on perceptions of the Fund in the countries with active programs.   

David Bosco is a professor at Indiana University’s Hamilton Lugar School of Global and International Studies. He is the author of The Poseidon Project: The Struggle to Govern the World’s Oceans. Twitter: @multilateralist

Tag: IMF

More from Foreign Policy

Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.
Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.

Saudi-Iranian Détente Is a Wake-Up Call for America

The peace plan is a big deal—and it’s no accident that China brokered it.

Austin and Gallant stand at podiums side by side next to each others' national flags.
Austin and Gallant stand at podiums side by side next to each others' national flags.

The U.S.-Israel Relationship No Longer Makes Sense

If Israel and its supporters want the country to continue receiving U.S. largesse, they will need to come up with a new narrative.

Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.
Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.

Putin Is Trapped in the Sunk-Cost Fallacy of War

Moscow is grasping for meaning in a meaningless invasion.

An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.
An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.

How China’s Saudi-Iran Deal Can Serve U.S. Interests

And why there’s less to Beijing’s diplomatic breakthrough than meets the eye.