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  the main problem with portugal is that manufacturing and consequently exports have fallen.
  
  i used to visit there a lot in the early nineties and small factories were everywhere, usually making clothing and footwear.
  
  they suceeded because wages were very low, gradually wages rose and import tariffs from the far east fell leading to the closure of factories and hevy imports ensuing.
  
  spain have not dissimilar problems but their credit rating is a lot higher and may not need a bail out.

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