THE Portuguese are among the glummest people in Europe. According to a Eurobarometer poll, 92% see the economic situation as bad; fully 95% are depressed about their job prospects; and over half are “dissatisfied with the life they lead”. Within the European Union, only easterners from Hungary and Bulgaria are similarly morose. Why the pessimism?

José Sócrates, the Socialist prime minister, could offer reasons to be more cheerful. Portugal has not experienced a big property bust like those in Spain and Ireland. Its exporters are tapping into new markets, particularly Angola and Brazil. Angola, where GDP is growing at close to 10% a year, is now Portugal’s fourth-biggest export market. By avoiding most toxic assets, the banks have stayed relatively sound. And by pushing renewable energy, the government has made Portugal a model of how to stimulate the economy and fight climate change. Investments worth €14 billion ($18 billion) will create 22,000 jobs by 2020, by which time Portugal will produce over 60% of its electricity from clean energy, way above the EU target of 20%.