Portugal's banks have undergone a radical transformation in the past few years, emerging from the country's economic crisis better capitalised, leaner and more efficient than ever. Profitability, however, is yet to recover. 

In the three years since its bail-out, Portugal has impressed many onlookers with its efforts to turn its economy around. Now it is on track to make a clean exit from its rescue programme in May, but the question is will the progress made over the past three years continue?

While Portugal has moved out of recession – just – its recovery seems tentative at best. Its economy minister, however, is optimistic about the country's future, and tells Silvia Pavoni that its strong exports to countries outside of the eurozone in particular point to better times ahead.

Trade is changing. Flows between emerging markets continue to develop, high wages are sending some production back to Europe and the US, meanwhile Africa is making a bid to stem its reliance on raw commodities.

Energias de Portugal reopened the Portuguese securitisation market in May 2013 with a deal that used a new type of underlying asset for the country and an independent investment bank as sole bookrunner. The company's chief financial officer explains how.

Portugal’s minister of economy talks about his plans to get the country "back to normality" after its bailout in 2011. 

Portuguese corporates began to re-access bond markets via retail distribution in 2012, paving the way for banks and the sovereign to return to Eurobond markets by early 2013.

Portugal's banks have solved capital shortfalls and improved their funding positions, but finding sustainable sources of loan and revenue growth is proving more difficult.