Portugal

Families ‘borrow’ 3.2 billion to the State. Treasury certificates still do not convince

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Briefings

Portugal's government plans to raise 3.2 billion euros from families via savings certificates to fund the state, with net issuance of 16.7 billion euros expected. Key figures include 3.8 billion euros in net amortization from savings certificates and 6.3 billion euros in total certificate issuance. The government anticipates a net negative balance of 626 million euros for Treasury bonds despite improved terms. A significant portion of 3 billion euros will be returned to creditors, with 1.02 billion euros going to the European Stability Fund and 2 billion euros to the European Financial Stability Mechanism. Public debt remains at 84.5%, but interest rates have risen by 23%.

Key points

• The government plans to raise 3.2 billion euros from families through savings certificates to fund the state's budget for the upcoming year.
• Net issuance of 16.7 billion euros is expected, with 3.8 billion euros coming from net amortization of savings certificates.

Context

This budget proposal outlines a mix of family savings and Treasury bonds to finance public spending, with specific allocations to EU financial mechanisms and debt reduction targets.

Limitations

Data reflects the government's official proposal as of October 2026, with some figures based on projections rather than finalized results. Uncertainty exists regarding actual issuance volumes and creditor repayment schedules.

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