Sunday, 3 April 2011

Portugal's debt problems would be resolved if it were annexed by its former colony Brazil

I could not help to post about it. The Financial Times Associate Editor, Edward Hadas, posted a short note the other day in that prestigious British paper that sent his Portuguese readers into spasms of rage.

He suggested that Portugal leave the European Union and allow itself to be annexed by its former colony, Brazil.


Hadas wrote:

"Here is an out-of-the-box way to deal with the situation: annexation by Portuguese-speaking Brazil (a decade of 4 per cent annual GDP growth, much higher recently). Portugal would be a big province, but far from dominant: 5 per cent of the population and 10 per cent of GDP.

Sure, the old colonist would resent the loss of status. But the former colony has something to offer, even beyond narrower credit spreads and proportionally much lower government and current account deficits. Brazil is one of the BRICs, the emerging centre of world power. That sounds like a better home than the tired old EU."

Mr. Hadas' suggestion was, of course, a bit tongue-in-cheek. But Portugal should think it through? Is thirty years of "servitude" to the EU really such an appealing prospect? Ok, this is an irony. However, there has to be more to life than paying back German bankers. And what if it was suggested the UK to be annexed by India or the US? In the Brazilian case, Portugal might even get interested in the reversal role, but Brazil would probably say no...

1 comment:

Ev-an-thia said...

i like it!!!
who would greece be annexed by through this logic?
love & light