Odyssey has declined to state whether it has found any of the Portuguese bullion.

Laden with four tons of Portuguese gold, the pride of the British navy - and direct predecessor to Admiral Nelson's vessel of the same name - sank with all 1, 150 of its crew.

In relation to its debt, Portugal is particularly gold-rich. Lisbon could put 383 tons of it on the market and at present rates make 13.3 billion euros.