1. Evolution of direct government debt
As of August 31, 2014 the Portuguese Direct Government debt amounted to EUR 216,697 million, increasing 0.4% vis-à-vis the end of the previous month. This increase was mainly due to the positive net issuance of retail instruments amounting to more than EUR 550 million (EUR 250 million of saving certificates (CA) and EUR 304 million of Treasury certificates (CT)), as well as to a net issuance of CEDIC amounting to EUR 415 million (the stock of CEDIM remained unchanged). Moreover, 2 Treasury bills (BT) auctions were held, amounting to EUR 211 million (in the 3-month line BT 21nov2014) and EUR 932 million (in the 12-month line BT 21aug2015), which more than compensated the redemption of BT 22aug2014 (EUR 1,019 million). The stock of medium- and long-term bonds decreased, on the back of the partial anticipated redemptions of the OT 3.35% oct 2015 (amounting to EUR 244 million) and of the MTN USD mar 2015 (amounting to USD 220 million, equivalent to EUR 165 million). The stock of the Other non-tradable debt increased by EUR 16 million, while exchange-rate fluctuations contributed to an increase of the debt outstanding by EUR 219 million.
2. Public debt ratio
The IGCP, E.P.E. monthly bulletin presents only the Direct Government debt. The Direct Government debt is defined as the liabilities for which the sub-sector State is responsible in the form of financial obligations. According to the Council Regulation (EC) n.º 3605/93 of November 22, amended by Council Regulation (EC) n.º 475/2000 of February 28, General Government debt is the consolidated gross debt of the whole General Government Sector outstanding at nominal value. At the end of 2013 the Direct Government debt totaled EUR 204,252 million (123.3% of GDP), while the General Government consolidated gross debt, according to the Maastricht criteria, reached EUR 213,631 million (129.0% of GDP), as reported to Eurostat on March 31, 2014.
3. Financing cost of the loans issued under the Economic and Financial Assistance Program (EFAP)
The IGCP, E.P.E. monthly bulletin presents an estimate of the all in cost of all the loans already issued under the EFAP. This estimate includes all costs (interest and fees), but depends on the future behavior of interest and exchange rates, since the loans issued by the International Monetary Fund (IMF) are denominated in foreign currency and pay variable rate, as do