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Financial markets, banking, investment, and economic policy news from Portugal.
IMF Warns Two-Thirds of EU Energy Subsidies Are Untargeted and Already Cost 0.18% of GDP — Alfred Kammer Says the Permanent-Fiscal-Burden Trap Is Closing on Lisbon as ISP Discount Climbs Again

IMF Warns Two-Thirds of EU Energy Subsidies Are Untargeted and Already Cost 0.18% of GDP — Alfred Kammer Says the Permanent-Fiscal-Burden Trap Is Closing on Lisbon as ISP Discount Climbs Again

IMF's Alfred Kammer warns two-thirds of EU energy subsidies are untargeted and already cost 0.18% of GDP — landing the same weekend Lisbon lifted its ISP fuel-tax discount to €75.48/1,000L diesel and €51.97 gasoline. Permanent-fiscal-burden trap closing on the eurozone.
The Portugal Brief
BPCE's €1 Billion Cheque to the Fundo de Resolução Covers Only 15% of the Vehicle's State and Banking-Sector Debt — Novo Banco-Banif Liabilities Still Hang Over the System as Luís Máximo dos Santos Steers Repayment Plan

BPCE's €1 Billion Cheque to the Fundo de Resolução Covers Only 15% of the Vehicle's State and Banking-Sector Debt — Novo Banco-Banif Liabilities Still Hang Over the System as Luís Máximo dos Santos Steers Repayment Plan

The €1 billion the Fundo de Resolução netted from the BPCE acquisition of Novo Banco covers only 15% of the vehicle's accumulated debt to the Portuguese state and the bank-sector consortium. Implied residual liability of around €5.5-6 billion, with no disclosed repayment horizon.
The Portugal Brief
Banco Português de Fomento Maps Out a €30 Billion 2026-2028 Funding Bazooka and a Sovereign-Style 'Fundo de Fundos' to Fix Portugal's SME Trap — CEO Gonçalo Regalado Targets Hospitals, High-Speed Rail and AI Data Centres

Banco Português de Fomento Maps Out a €30 Billion 2026-2028 Funding Bazooka and a Sovereign-Style 'Fundo de Fundos' to Fix Portugal's SME Trap — CEO Gonçalo Regalado Targets Hospitals, High-Speed Rail and AI Data Centres

Banco Português de Fomento CEO Gonçalo Regalado has set out a €30 billion 2026-2028 funding plan and a sovereign-style 'fundo de fundos' to attack Portugal's SME-fragmentation problem. Targets: hospitals, high-speed rail, AI data centres. €6bn mobilised in 2025, 11x 2024.
The Portugal Brief
March Budget Surplus Shrinks to €209 Million as €1.06 Billion in SNS Debt-Regularization Hits the Books — IRC Drops 25.4%, Investment Spending Climbs 53.6%, and the Headline Hides a Real Improvement

March Budget Surplus Shrinks to €209 Million as €1.06 Billion in SNS Debt-Regularization Hits the Books — IRC Drops 25.4%, Investment Spending Climbs 53.6%, and the Headline Hides a Real Improvement

Portugal's March surplus fell €1.4bn YoY to €209M as a €1.06bn SNS debt-regularization payment landed in the month. Strip the one-off and the shortfall narrows to €340M; IRC collections fell 25.4%, investment spending jumped 53.6%, social contributions climbed 7.4%.
The Portugal Brief