Have we ever had a Portuguese Government Budget with surplus instead of a deficit?

The answer is YES!

Looking at the XX and XXI centuries and considering effective expenditure excluding public debt amortization, the Portuguese Government Budget had a surplus (more revenue than expenditure) instead of a deficit in the following 20 years:

1901; 1905
1911; 1913; 1914
1929;
1930; 1931; 1932; 1934; 1935; 1936; 1937
1942
1951; 1952; 1953; 1957; 1958
1970

Japan Debt reached 200% of their annual GDP

On June 30th of 2013, Japan Debt reached Yen 1.000 trillion (around USD $ 10,46 trillion).

This impressive value is now larger than the economies of Germany, France and the U.K. combined.

Analysts are apprehensive with current Japan trend and are expected new taxes from Japan government to balance Japan deficit.

To understand how serious is this 200% value (public debt as % of GDP of Japan) compare it with south of Europe countries and Ireland which are under great pressure from IMF and rating agencies:

. Greece – 158% (2012)
. Italy – 126% (2012)
. Ireland – 118% (2012)
. Portugal – 115% (2012)
. Spain – 85% (2012)

7 more years to Portugal

The Eurogroup gave more seven years to Portugal repay their loan.

In the short term is a good news for Portugal, because the annual repayment value of the loan will be reduced, but in the medium term this means that the value of accumulated accrued interest will be higher, so the loan will become more expensive.

So, although it is good news because it reduces the immediate pressure over the national budget, it is not something to celebrate.