Portugal's debt agency revealed on Tuesday it expects to issue at least 5 billion euros (about 5.5 billion U.S. dollars) in the third quarter.

The country is expected to issue short-term emissions of up to 4 billion euros and at least one long term emission of up to 1 billion euros, the country's debt agency IGCP said.

Portugal placed 750 million euros in 11-month treasury bills in June, and managed to issue the debt at the minimum rate laid out and at higher interest rates when compared to a debt issue on April 15.

The country has made good use of benign market conditions amid slow growth and as the general elections in Autumn approach.

The European Commission expects the country's economy to grow 1.6 percent this year and 1.8 percent in 2016. (1 euro = 1.10 U.S. dollars)