The cost of Portuguese debt is already rising with the new war, but with Ukraine and Trump’s tariffs it was worse

Luís Montenegro, Prime Minister, and Joaquim Miranda Sarmento, Minister of Finance. Parliament, October 28, 2025.Photo: Leonardo Negrão

Despite the drop in the debt burden, the country continues to have very high levels that need to be paid with surpluses and/or refinanced with new debt, if the slack disappears.

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