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The military of 1926 saw themselves as the guardians of the nation in the wake of the instability and perceived failure of the First Republic, but they lacked the means to address the critical challenges of the hour. Armed with broad powers to restructure state finances, within one year Salazar balanced the budget and stabilised Portugal's currency, producing the first of many budgetary surpluses. Amidst a period when authoritarian regimes elsewhere in Europe were merging political power with

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