FinObservatory

Crisis atlas / PRT

Portugal

58 distinct crisis events in 13 episodes, 1801–2021, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

23
Banking crises
11
Currency crises
24
Sovereign debt crises
58
Crisis events
1801–2021
Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

  1. 2021
    Bankingesrb1 source
  2. 2020
    Bankingesrb1 source
  3. 2015
    Bankingesrb1 source
  4. 2014
    Sovereign debtrr1 source
    Bankingesrb, gmd, rr3 sources
  5. 2013
    Bankingesrb, rr2 sources
  6. 2012
    Bankingesrb, laeven_valencia, rr3 sources
  7. 2011
    Bankingesrb, laeven_valencia, rr3 sources
  8. 2010
    Bankingesrb, laeven_valencia, rr3 sources
  9. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  10. 2008
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  11. 2005
    Currencyrr1 source
  12. 1985
    Bankingesrb1 source
  13. 1984
    Currencyrr1 source
    Bankingesrb1 source
  14. 1983
    Currencygmd, laeven_valencia, rr3 sources
    Bankingesrb1 source
  15. 1982
    Currencyrr1 source
  16. 1981
    Currencyrr1 source
  17. 1977
    Currencyrr1 source
  18. 1976
    Currencyrr1 source
  19. 1932
    Bankingrr1 source
  20. 1931
    Bankinggmd, jst, rr3 sources
  21. 1923
    Bankingjst, rr2 sources
  22. 1922
    Currencygmd, rr2 sources
  23. 1921
    Bankinggmd1 source
  24. 1920
    Bankingjst, rr2 sources
  25. 1901
    Sovereign debtrr1 source
  26. 1900
    Sovereign debtrr1 source
  27. 1899
    Sovereign debtrr1 source
  28. 1898
    Sovereign debtrr1 source
  29. 1897
    Sovereign debtrr1 source
  30. 1896
    Sovereign debtrr1 source
  31. 1895
    Sovereign debtrr1 source
  32. 1894
    Sovereign debtrr1 source
  33. 1893
    Sovereign debtrr1 source
  34. 1892
    Sovereign debtgmd, rr2 sources
  35. 1891
    Currencygmd, rr2 sources
  36. 1890
    Bankinggmd, jst, rr3 sources
  37. 1876
    Bankinggmd1 source
  38. 1856
    Sovereign debtrr1 source
  39. 1855
    Sovereign debtrr1 source
  40. 1854
    Sovereign debtrr1 source
  41. 1853
    Sovereign debtrr1 source
  42. 1852
    Sovereign debtrr1 source
  43. 1851
    Sovereign debtrr1 source
  44. 1850
    Sovereign debtgmd, rr2 sources
  45. 1847
    Bankingrr1 source
  46. 1846
    Bankinggmd, rr2 sources
  47. 1841
    Sovereign debtrr1 source
  48. 1840
    Sovereign debtrr1 source
  49. 1839
    Sovereign debtrr1 source
  50. 1838
    Sovereign debtrr1 source
  51. 1837
    Sovereign debtgmd, rr2 sources
  52. 1828
    Sovereign debtgmd, rr2 sources
    Bankinggmd, rr2 sources
  53. 1815
    Currencygmd, rr2 sources
  54. 1801
    Currencygmd, rr2 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

1801

Currency
Inflation (% y/y)
-2002040180018011806
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1815

Currency
Inflation (% y/y)
-40-2002040181018151820
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1828

BankingSovereign debt
Inflation (% y/y)
-20-1001020182318281833
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1837–1841

Sovereign debt
Inflation (% y/y)
-40-2002040183218371846
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1846–1856

BankingSovereign debt
Inflation (% y/y)
-2002040184118461861
Policy rate (%)
No data for this window
Govt debt (% of GDP)
02040184118461861

1876

Banking
Inflation (% y/y)
-2002040187118761881
Policy rate (%)
0246187118761881
Govt debt (% of GDP)
0255075187118761881

1890–1901

BankingCurrencySovereign debt
Inflation (% y/y)
-1001020188518901906
Policy rate (%)
02.557.5188518901906
Govt debt (% of GDP)
0255075188518901906

1920–1923

BankingCurrency
Inflation (% y/y)
-50050100191519201928
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0255075191519201928

1931–1932

Banking
Inflation (% y/y)
-20-10010192619311937
Policy rate (%)
0510192619311937
Govt debt (% of GDP)
0204060192619311937

1976–1977

Currency
Inflation (% y/y)
02040197119761982
Policy rate (%)
01020197119761982
Govt debt (% of GDP)
0204060197119761982

1981–1985

CurrencyBanking
Inflation (% y/y)
02040197619811990
Policy rate (%)
0102030197619811990
Govt debt (% of GDP)
0204060197619811990

2005–2015

CurrencyBankingSovereign debtFiscal cost 11.1% of GDP, output loss 35.0% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-20246200020052020
Policy rate (%)
-2024200020052020
Govt debt (% of GDP)
050100150200020052020

2020–2021

Banking
Inflation (% y/y)
-50510201520202025
Policy rate (%)
-2024201520202025
Govt debt (% of GDP)
050100150201520202025

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology