In its draft plan for the quarter, posted on its website, the IGCP foresaw "emissions of Treasury Bonds (OT), through the combination of syndicates and auctions". Each auction is expected to include the placement of €750 million to €1 billion, it said, though without indicating how many auctions are planned for the period.


Where Treasury Bills (BT) are concerned, the IGCP said it expects to hold six auctions of up to €4 billion.


On 15 July, the agency expects to hold two auctions for six-month and one-year debt, totalling €1.25 billion to €1.5 billion; on 19 August, two further ones for three- and 11-month debt, totalling €1 billion to €1.25 billion; and on 16 September, a similar amount of six- and 12-month debt.


The IGCP said it will monitor "actively the development of market conditions" and may "introduce adjustments" that prove necessary to the plan.


The ongoing crisis in the euro zone as a result of the standoff between Greece and the rest of the European Union has complicated the financing outlook for peripheral economies such as Portugal.