The head of state made the comments to journalists after addressing the opening session of a conference in Lisbon.

Referring to an operation on Wednesday in which Portugal's state debt management agency, the IGCP, placed bonds with investors at an average yield of 4.2%, de Sousa noted that "Portugal has managed appreciable financing in the market at the start of the year that corresponds to a substantial part of what it needed for the year".

He also noted that, after the operation was concluded, market yields fell below 4%.

In addition, he argued, inflation has accelerated somewhat over the past year.

"When we compare the 4.2% [yield] of this year with 3.2% of last year, we have to remember that last year inflation was at 0% and now inflation is somewhere between 0.6% and a bit above that, on the way to 1%," he said. "So that has to be offset from the value of the nominal rate.

"That said, I am of course monitoring this situation, but I think that the markets' reaction yesterday [Wednesday] after the issue and today show that, apart from the inflation factor, which has had and will have weight, as to the rest, there is no reason for alarm," he concluded.