The support Portugal received from the European Central Bank’s stimulus program was “easily the highest among the eurozone,” according to Bloomberg Intelligence analysts Bhumika Gupta and Huw Worthington.
According to specialists, Portugal has been one of the main beneficiaries of the eurozone through the debt-purchase program implemented by the European Central Bank and “it has been boosted to historically high levels by the pandemic,” adds Negosios.
Now, the country is facing an even greater vulnerability “in the face of low takeovers”. As the publication asserts, the “spread” of the Iberian debt may already have peaked.
In August alone, the European Central Bank (ECB) increased the pace of emergency debt purchases, due to the pandemic, to 16,430 million euros, up 54% from the previous week (10,671 million euros).
The European Central Bank said it has so far bought 1.279 billion euros in debt with the emergency program launched in March 2020 to tackle the crisis caused by the Covid-19 pandemic.
The foundation confirmed that it will continue emergency purchases with a total value of 1.85 billion euros “at least until the end of March 2022.”
The European Central Bank, meanwhile, indicated that it maintains its commitment to bond purchases flexibly to avoid higher interest rates on the sovereign debt of some countries.
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