Having read a lot of Revolutionary War history in recent years, it’s easy to see some parallels between Thomas Paine’s Common Sense, a pamphlet published in 1776 arguing why the colonies should part ways with their British overlords, and the efforts of João Ferreira do Amaral in Portugal who makes the case for the nation exiting the eurozone currency union.
Ambrose Evans Pritchard fills in some of the details in this story at the Telegraph.
Portugal is waking up. A new book calling for withdrawal from the euro and a return to the escudo has vaulted to the top of the bestseller list.
The incendiary tract – “Porque Debemos Sair do Euro” (Why We Should Leave The Euro) – is written by Professor João Ferreira do Amaral from the Insituto Superior de Economia e Gestão (ISEG).
The professor has already secured the backing of Luís António Noronha Nascimento, the chief justice of Portugal’s Supreme Court.
This follows the apostasy of Jerónimo de Sousa, the Secretary-General of the Portuguese Communist Party, who has called for a referendum on both the euro and the EU. De Sousa says the EU is “unreformable”, has been hijacked by a “directorate” of dominant powers, and has led to the death of Portuguese sovereignty.
Pritchard characterizes the economy of Portugal while part of the eurozone as a “structural gargoyle”, a phrase that conjures up all sorts of adjectives, none of which are good.