Antonio Monteiro: "I am impressed by the lack of confidence of the Argentineans"

CÓRDOBA.- For a little over a year and after seven years of bankruptcy and the rescue of the European troika (composed of the European Commission, the European Central Bank and the IMF), which imposed a major adjustment, the "miracle" of

Portugal

. Not only has it increased again, but it has also reduced unemployment and the budget deficit it has been living with for decades. The agreement was signed by a right-wing administration and respected by his successor, a socialist government allied to the radical left. "I would not define it as a miracle, but as a major recovery, the result of sacrifices and a remarkable capacity of adaptation of the people," said Antonio Monteiro, former representative of Portugal to the United Nations , former Foreign Minister, private bank executive and current owner of the Millennium Bank Foundation, the largest in the country. In dialogue with
THE NATION, says that he is "impressed by the lack of confidence of the Argentineans in politics" and says that "we should perhaps fight more for the national interest than for the partisan".

-We are talking about the Portuguese economic "miracle". Do you share this definition?

-I would not say it's a miracle; there has been a strong recovery due to many sacrifices and a remarkable ability of the Portuguese to adapt.

-What were the sacrifices and what were the adaptations?

– The crisis we reached in 2011 forced us to resort to a loan, conditioned by a very difficult adjustment program defining the so – called European troika. The conditions were very difficult and were essentially aimed at reducing the fiscal deficit, which led to an increase in debt and left the country unable to move its economy. Necessity forced us to strictly adhere to the program, even to overvalue it. All the Portuguese had to join the sacrifice, there was no exempted sector, even if the measures were unpopular, even.

-How was it possible for people to agree that there was no other way?

-I is what I consider an extraordinary response, the most remarkable effect. It was very complex for people to understand what to do, to earn less, to lose some of their achievements, for the country to pay the price for what they did wrong. It was understood that it was the sacrifice that would provide relief. I give you a concrete example of the private bank I am in, which also had to do its part to fulfill the program required to receive help: we asked the workers to accept a pay cut for keep their jobs, and we just made it promise that as soon as the bank could find its way, we would return it. Today we do it.

-Where was the key to this acceptance and that there was no social mobilization against it?

– There were critics and questions, but the country in general accepted the sacrifice and the years in which he only spoke of austerity. It took years before we got rid of the most difficult situation and we had a no-fault exit. wherever wages were reduced, bonuses suspended. And, in the middle, the government that made the adjustment won the elections, although without a majority. It was also a new experience. Whoever adjusted has not verified a significant loss of support. In 2015, the Socialist Government joined the Parliament with the Esquerda Bloc and the Communist Party. Although he was called "begot", he progressed and gave stability. It was very important. Tourism has also contributed to the recovery. a boom in the sector has begun. And dormant Portuguese companies have started to innovate, exports have increased enormously. Portugal has become very fashionable, it has been perceived as a silent country that can accommodate people, external relations have been restored, everything has become more dynamic. Internationalization is due to employers and workers, not just to the government.

-The Portuguese do not have the history of the recurring crises of the Argentines. Will this have helped the support?

-It is true, we do not have this story. Yes, since 2000, we have been in a difficult situation, with a public deficit at this level that has put us in many difficulties.

– Since the beginning of the European Union, with Greece, the poor members …

-C is true. Portugal has now become a good student because he has respected what he has accepted. Do not think that there was not a lot of criticism because you had to accept the measures imposed by the troika and also because you had to respect the conditions. Finally, integration in the European Union is very positive and citizens have understood that it was very important to respect international commitments. The other important aspect, in my opinion, is that there was trust in the leaders.

-How long did it take you to start feeling the results in your pocket?

– Nearly four years, term defined in the agreement of 2011. An important element, and a difference with Argentina, is that Portugal, located in the euro area, has no business. 39; inflation. The center-left government has honored the commitments made and could start easing austerity to ensure improvement. The deficit was explained because it was spent not only for infrastructure, but also for very questionable projects; there was an inability to balance recipes and a very light conversation style. For years, he said it had to change, but it was not accepted, we were still thinking of the next election. The key was to create a chain of trust between governments and citizens. We are all maturing; private initiative was decisive.

– Can Argentina learn something from this experience?

– Personally, I am impressed by the lack of trust of people here in politics, it seems to come from other people. Argentina is a great country. Years ago, it was a power and I might see the benefit of fighting more for the national interest than for the support.