Getting the analysis right, by focusing on the extenal accounts first and foremost, is paramount. Any doctor will tell you that getting the diagnostic wrong makes very difficult, if not impossible to find the right cure. And we've gotten a lot of the "wrong cure" thus far, with mis-directed and irreponsable austerity in the creditor countries, limiting their potential contributions to the adjustment in the trade balance.
Causality - external debt and depression http://ppplusofonia.blogspot.pt/2013/04/on-reinhart-and-rogoff-debt-and-growth.html
From the "crisis of analysis" to the "analysis of the crisis http://ppplusofonia.blogspot.pt/2013/04/da-crise-de-analise-analise-da-crise.html
When austerity is irresponsable http://ppplusofonia.blogspot.pt/2012/11/european-budget-talks-when-austerity-is.html
Crise à Portuguesa no sector externo 2010 http://ppplusofonia.blogspot.pt/2010/10/crise-portuguesa-concentra-se-no-sector.html