This total comes in line with the Portuguese central bank’s own statistical reckoning as the Maastricht criteria in effect for figures produced by the European Union puts the state’s outstanding liabilities as amounting to €227.11 billion at the end of July following a rise of €1.7 billion on the situation in June.
However, the state does have some cash in the bank with its assets shrinking the debt total back to €212.269 billion and up €1.5 billion month-on-month.
The bank only ranks this figure against gross domestic product every three months and hence there was no update on June when the Maastricht criteria reported Portugal’s debt as amounting to 128.6 percent of GDP.
Going forwards, there is a discrepancy in the expectations surrounding the movement of this figure with the government forecasting that Portugal will close the year with debt amounting to 124.2 percent of GDP, while the European Commission calculates the end of 2015 will see the state owing the equivalent of 130.2 percent of GDP.
Regarding the broader debt picture, Portuguese households and their respective individuals continued to deleverage their debt exposures.
Household debt fell back €426 million in July to close on €266.78 billion whilst individuals owed €314 million less, they till have €145.83 billion in outstanding financial liabilities.