Decryption – While France seeks to restore balance to its public finances, the budget surpluses of Portugal, the former eurozone idiot, are just a dream.
This article is taken from Figaro magazine
But how did they do it? While France wonders how to return to the path of budgetary virtue, Portugal appears to be a potential model: after being on the verge of bankruptcy in 2011, in 2023 it will become one of the most indebted countries in the world. At 99.1% of GDP, Portuguese debt last year reached its lowest level since 2010 – for comparison, France's debt stood at 110.6% at the end of 2023; Italy by 137.3%, and Greece by 161.9%…
And this is undoubtedly only the beginning, even if Portuguese debt has risen slightly recently: according to the International Monetary Fund, Portugal should see one of the largest declines in interest rates by the end of the decade among the group of developing countries. They are called developed economies and no less impressive is the low budget deficit: last year, Lisbon recorded not a deficit, but a historic budget surplus.
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