A deluge of misfortunes has wiped out almost half of Portugal’s stock market in less than two years.

Worth about $100 billion in 2014, the value of Portuguese shares has tumbled to its lowest level since the onslaught of Europe’s sovereign-debt crisis in 2012. Stung by government crises, the downfall of Banco Espirito Santo SA, once the nation’s largest lender by market cap, as well as the resulting sale of Portugal Telecom SGPS SA’s assets, the country’s stock market is now worth less than $56 billion -- it’s smaller than Vietnam’s. The benchmark PSI 20 Index has slumped more than 27 percent since its high last year.

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