In the depths of the 2008 crisis, Beijing rescued world capitalism. The fiscal stimulus they carried out was the largest in world history, at over £500bn. Had it not been for this stimulus, and the global demand it created for raw materials and other goods China needed as a result, the financial crisis would have been an all-out depression. The crisis unfolding before our eyes is far more serious than that of ten years ago. Yet this time, China will not be able to rescue the world, let alone its own economy.

The coronavirus crisis has shattered the lauded Portuguese "boom", which is based primarily on the now-crippled tourism industry, and exposed the fragility of this backward European economy. Portuguese workers must follow the example of their class brothers and sisters in Italy and Spain, who have met the bosses' attempts to make them choose between health and pay, with strikes and class struggle!

Note: The situation in Portugal has moved on quickly since this article was written. Confirmed COVID-19 cases have almost tripled since the weekend and the country has experienced its first deaths. The President is set to declare a state of emergency which will involve repressive measures such as the banning strikes. We will publish an update tomorrow.