Still on the subject of the day before the post-Troika period, it is important to take into account the degree of financial market access by the sovereign issuer. If market access is not restored in a credible and sustained manner over time, upon the Programme’s conclusion, a very painful process will begin.
For this reason, the issuance of five and ten-year Portuguese Treasury bonds, in January and May respectively, are key milestones. They were crucial so as to gauge the market’s “temperature” and to set up the progressive credibility enhancing of the Portuguese government debt.