Rating
relief
A
potentially disastrous setback for Portugal’s economic recovery was
averted with Friday’s announcement that Canada’s DBRS agency has
upheld Portugal’s only investment-grade credit rating. A
much-feared downgrade to junk status in line with that of the other
main agencies - Fitch, Moody’s and Standard & Poor’s - would
have seen Portugal cast out the European Central bond-buying program
and raised borrowing costs for the government, banks and companies.
DBRS said its latest positive rating review “reflects Portugal’s
eurozone membership and favourable public debt maturity structure,
and reduced vulnerabilities.”
Outsider’s
reminder
Timely
encouragement for the people of Portugal and the rest of the
befuddled EU from a visiting foreigner. President Barack Obama told
Europeans they were facing a “defining moment”. The world needs a
strong, democratic and united Europe to guard against rising
intolerance and authoritarianism within the European Union and across
the globe, said Obama in a televised pep talk at the beginning of the
week in Hanover, Germany. “Perhaps you need an outsider to remind
you of the magnitude of what you have achieved from the ruins of the
second world war,” he told his Europewide audience. Europeans
should not retreat from the extraordinary achievements of the postwar
years, but consolidate them and repudiate those who want to turn
back to the narrow nationalism of the past. Almost 60 years after the
founding of the European Union, what is needed is a renewal of
confidence and a rejection of populist politics on the far left and
far right. Obama advocated a unified, peaceful, liberal, pluralistic,
free-market Europe, not one that doubts itself and thus empowers
those who argue that democracy can’t work.
NATO
bashing
In
a speech in Washington on Wednesday, Donald Trump had nothing good to
say about Obama or Europeans. He lambasted Obama and Hillary
Clinton for their “reckless, rudderless and aimless foreign
policy.” He promised to save “humanity itself”, first and
foremost the USA, but had a dig at NATO's “outdated mission” and
insisted that America’s European allies are “not paying their
fair share.” By contrast, the Secretary General of NATO Jens
Stoltenberg in a meeting with Prime Minister António Costa
last month thanked Portugal for its strong commitment to the
transatlantic alliance, its active role in political debates, and its
concrete contributions to NATO missions and operations.
Russia
beware
Seemed
like a poke in the eye for Putin as the good ship Creole Spirit
sailed into the Portuguese port of Sines this week. She was laden
with a first shipment from the United States to Europe of liquefied
natural gas. Similar shipments from Houston, Texas, to France and the
UK are planned for some future date. The United States is the world’s
biggest producer of natural gas. Russia has long been dominating the
market and supplying Europe with a third of its natural gas needs.
Attitudes changed with the imposition of sanctions against Russia
because of the conflict in Ukraine. According to Deutsch Bank, the
United States could become Europe's main natural gas supplier – but
not for another 10 years or so.
Island
invaders
How
can a ground-hugging plant with beautiful flowers seriously interfere
with a graceful bird that spends most of its life gliding wide and
free over the open sea? The exotic Hottentot Fig or ‘ice plant’,
native to southern Africa, was introduced to the Mediterranean region
for medicinal and ornamental purposes a few decades ago. It went
wild. Dense carpets spread along the Portuguese coastline, killing
endemic plants in many places, including the Berlengas archipelago
north of Lisbon, the Azores and Madeira. Large numbers of Cory’s
Shearwaters come ashore on these islands at this time of year to
breed, but the Hottentos have been blocking their nesting burrows. In
a project started in 2014 and not scheduled to end until September
2018, up to 40 volunteers and technicians from the Portuguese bird
society SPEA are working on the Berlengas islands to eradicate the
invasive plants and give the shearwaters the space they deserve.