There are at least six contagion channels to bring turmoil to the national economy. Public debt, which is more protected, is only one. But there are others and some are Achilles heels

State coffers are full and there is money to live until the end of the year without going to the market. To face the coming shock wave from Greece, it is a great help. Because, in an extreme case, the European Central Bank (ECB) can intervene to stop a possible speculative attack. Just that there is more to life than the state.

The Portuguese economy, there are companies and indebted households that could suffer with a rise in interest rates in the eurozone. Also, any event that disturbs the progress of the European economy will be reflected in Portugal and the firepower of monetary policy is at the limit.

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