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How to Combine Public Spending with Fiscal Rigour? ‘Austerity by Stealth’ in Post-Bailout Portugal (2015-2019)

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  • Catherine Moury
  • Elisabetta De Giorgi
  • Pedro Pita Barros

Abstract

In this article, we argue that the Costa I Socialist government (2015–2019) managed to combine responsiveness to voters with responsibility towards domestic and international actors by pursuing some kind of ‘austerity by stealth’, which we define as less visible fiscal contraction that is not displayed by the government in its public discourse. The radical left parties implicitly agreed with this strategy in exchange for the adoption of a long list of visible anti-austerity policies. This allowed the Costa I government to fulfil its electoral pledges and maintain the support of the radical left on the one hand, whilst also reducing the country’s deficit and consequently the costs of interest-debt repayments.

Suggested Citation

  • Catherine Moury & Elisabetta De Giorgi & Pedro Pita Barros, 2020. "How to Combine Public Spending with Fiscal Rigour? ‘Austerity by Stealth’ in Post-Bailout Portugal (2015-2019)," South European Society and Politics, Taylor & Francis Journals, vol. 25(2), pages 151-178, April.
    • Handle: RePEc:taf:fsesxx:v:25:y:2020:i:2:p:151-178
    DOI: 10.1080/13608746.2020.1863592
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