Never in recorded history has Portugal’s total non-financial sector debt reached such dizzying heights as it did by June this year – €762.4 billion.
This is according to data from the Bank of Portugal which calculates that the combined public and private accumulated debt is €14 billion more (+1.9%) than at the end of 2020.
The figures are not surprising given the economic effect of the pandemic which saw swathes of the economy shut down or severely constrained and companies and individuals applying for government-backed stays on their mortgages and personal and company loan repayments.
The figures overtook the previous record seen in May of €757.5 billion.
