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The Portuguese Mário Centeno, new president of the Eurogroup

For two years dealt with the German demands to reduce the deficit and with those of the Portuguese communists to spend more, and to all met

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The Portuguese Mário Centeno, new president of the Eurogroup

The spelling difference between star and star is two letters, and in life, song of a coin, a penalty to post, a setback to net. Two years ago, Mário Centeno, new leader of euro finance ministers, was no one politically in Portugal. A oretical and independent economist who had drafted draft of economic program of Portuguese Socialist Party, and that technicians of party had been responsible for leaving it unrecognizable.

Although not with ID, Rye was always a socialist of Alma. At least that way he left school of Economics, n he traveled to Harvard specifically, and his ideas were tempered. He returned to Studies Directorate of Bank of Portugal and university as a professor, advocating for employment contract and denouncing privileges of veteran worker who impede incorporation of young people into working world.

His tidy life ended when Prime Minister António Costa confided in him portfolio of finances in an unprecedented executive in Portugal: A minority Socialist government, supported in Parliament by Bloco and PC Antisystem. If y required him to spend more, to leave euro and forget debt, Brussels forced him out of excessive deficit; If y gave him money, those gave him votes. Both were as indispensable as y were. His figure of Saint man became popular on televisions, explaining with infinite patience that Portugal was going well when everyone, here and re, said it was fatal.

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His tempered and critically charred character endured that every day a bank would give him a disgust. First it was sinking of Banif, n war of Spaniards and Angolans in BPI; That of Chinese in BCP, disaster of Novo bank and continuous chaos of first bank of country, Caixa geral of deposits. The latter scuffle, with its inopportune SMS, was about to remove him from government, but not. Rye can be prudent and quiet, but it is, above all, Cabezón. Don't raise your voice doesn't mean you don't give headlines. Rye has not grown tired of criticizing Brussels for applying wrong recipe to south during crisis.

The president now has spent two years telling Eurogroup, and OECD and IMF and its own public finance council that y had no idea, that y did not give one in ir forecasts, that good numbers were irs. Time has given him reason.

It took country with a growth of 1.5% and a deficit of 4.4% and leaves it in 2.6% of GDP and 1.4% deficit for pasmo of Brussels. The fierce German minister Wolfgang Schäuble swallowed all his snakes — until anticipation of a fourth bailout of Portugal — to recognize that Rye was "Ronaldo of Ecofin".

You don't have to exaggerate eir. Rye, which on Saturday turns 51, has some superpowers that footballer would like. For starters, Rye has always played with referee in favor. In fact, he played whistle. It does not matter if communists approve of whatever it is for state's General budget, no matter what ir colleagues agree on Council of Ministers, Rye can freeze — and has done so satiety — any expense of any ministry at any time and How many times you want and why yes. Thanks to se superpowers, Centeno has managed to square accounts of Portugal since 2015, although it was at cost of reducing 30% public investment and raising public debt to 131% (which is now going to lower). These unique superpowers in Europe will not have m in Eurogroup, but ir skills to cohesion to North and south, to left and to right; It does not offend anyone and carries its ideas for a new Europe and a banking union.

Not tired of criticizing Brussels for applying wrong recipe in South during crisis

Unlike his predecessor, imprudent Jeroen Dijsselbloem, and ominous Schauble, it will be difficult for mouth of rye to emerge an outburst, to disparage or disrespect a member of eurozone. A belter, tanned in his years of rugby player, and affable, contemporizará with all to achieve his goal of more Europe and more agil. Having grappled, endured and survived two years of antisystem pressures, Eurogroup is, for Rye, a spa with siesta, sauna and massage.


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