So we wake to the news that Portugal has, after all, broken down and asked for a bailout. Anyone who’s surprised by the new has quite frankly not been paying attention. A bad day at the bond auctions yesterday sealed the country’s fate, and so it follows the path now so well-worn by Greece and Ireland, and it’s not going to get any easier just because it’s admitted its problems. If the world isn’t freaking out right now, it’s because a) it was pretty much obvious for months now but more importantly b) because so far, fingers crossed, Spain is looking better than expected. So far.
Meanwhile, on the opposite edge of Europe, Wroclaw is prospering, with double digit GDP growth and single digit unemployment.