“The austerity model has been applied rather mechanically,” he said. “This is not a country full of big companies that can adjust to a decline in their domestic market but rather small and medium-sized companies whose only option is then to close down.”says Viera Lopes quoted in NYT,
"Many stores in central Lisbon are now either closed or advertising huge discounts, as citizens struggle in a deepening recession that has pushed unemployment to a record 15 percent. A sharp rise in the sales tax has decimated the restaurant sector, including well-known venues like Bocca and Manifesto" NYT Oct. 18
This pain is not necessary. Why have austerity when the real economy could produce much more?