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This paper is a summary of the main results of a research about the evolution of the foreign public debt of Portugal between 1830 and 1985. It will be concerned only with the broad lines of the theme. In what concerns the importance of foreign capital in economic development, general trends are more difficult to ascertain. However, if we accept a thesis of some dependence upon foreign capital until a certain per capita income level is attained, the Portuguese situation of dependence on foreign capital markets before the first world war, and the lower degree of dependence upon foreign capital thereafter may be related to the very process of Portuguese economic growth.