The only thing worse than being talked about, said Oscar Wilde, is not being talked about. If that’s true, the New York-based hedge fund Tortus Capital Management must have been disappointed by Lisbon’s response to a 64-page report it published in January, called Rehabilitating Portugal.
It was a blitzkrieg of a document; a relentless barrage of bullet points arguing that the Portuguese status quo was unsustainable. It is an indication of the country’s new-found confidence, however, that the Tortus document was greeted in Portugal, according to one local economist, with supreme indifference.
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