The troika – comprising the European Commission, European Central Bank and International Monetary Fund – published on Monday (19 November) its report of a sixth review of the progress of Portugal’s economic reforms, a condition of the country’s €78 billion bail-out.

Officials said that Portugal’s reforms were “broadly on track, despite stronger headwinds”.

However it warned of rising unemployment, lower incomes, and “uncertainty”, all of which are contributing to a lack of confidence.

The assessment paves the way for Portugal to receive a €2.5bn instalment of its bail-out.