Nationally, Portugal is going through what Spain went through locally. The ruling Portugese Socialst government has been toppled by a center-right party, just like Spain. But this does not mean what the Tea Party GOP think it means. And The Economist agrees with me. Buttonwood at The Economist writes
A crisis that most people believe was caused by the banks has not led to a massive shift to the left in electoral terms; instead voters have tended to punish the incumbent government, regardless of its political inclinations.I blogged exactly this back on May 23rd when I said that the losses in the Spanish local elections constituted less a shot at the Socialists for being Socialists, but rather a shot at the Socialists for not being Socialists. This was a vote against austerity and the domination of the financial sector by private banking interests which trashed the economy with access to cheap money.
This was clearly a "throw the bums out" moment for Spain. Portugal has done exactly the same thing.