The issues facing Portugal are significantly worse concerning their government debt [and competitiveness]. The measures that Portugal is taking to restructure its budget deficit are far too little... There are a number of things going on in Ireland that are somewhat overblown. They got their current account back into balance, and it has already gone through a lot more pain than the other countries. Ireland's economy contracted by more than 13% and that has allowed competitiveness to return. The fact that the adjustment is almost complete puts it in a much better position than people believe"
...and in a much better position than Portugal.