In debt

A REPORT from the Bank of Portugal has revealed that Portugal’s population owed around 150 million euros to financial institutions in 2007, averaging a debt of around 15,000 euros for each citizen.

This amount of debt corresponds to 91 per cent of the wealth produced by Portugal last year. In the report, the Bank of Portugal also said that the level of the population’s debt had increased by five per cent in just one year, while savings had decreased for the sixth year in a row.

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