Portugal is not Greece has been a popular refrain among European policymakers during the tumultuous past few months.
Public debt as a share of gross domestic product is not as high as in Greece. Nobody has questioned the functioning of its tax collection system or statistical service. Lisbon knows it must develop export businesses; the larger number of golf courses that a visitor notices suggests it may be better at attracting affluent tourists to its Atlantic coasts than its Aegean rival.
