Between April 2010, when Greece asked for a bailout, and February 2013, bank deposits in Portugal grew by more than 4 per cent, the equivalent to €6.27bn, according to new data released by the ECB.

This trend is at odds with that recorded in Greece and Ireland. Over the same period, the Greek financial system lost €60.6bn, or 27.7 per cent of deposits, while Irish banks registered outflows of €18.3bn, representing a decrease of 12.6 per cent.

“Given the uncertainty, investors took the money and went elsewhere. In every country but one: Portugal. […] This shows confidence in the Portuguese banking sector, which is justified,” writes Diário Económico.