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Thirty years after its April Revolution, Portugal is in the midst of the most successful democratic experiment of its history. A product of the pact signed by the principal political parties and the armed forces, the Portuguese constitution created a semi-presidential system of power that ensures that the main organs of sovereignty exercise reciprocal control over each other. Until 1982, the presence of a unique political and military body, the Council of the Revolution, acted as a safety valve for the system during the transition period. Successive revisions to the constitution perfected this architecture of power while eliminating the ideological rhetoric inherited from the revolutionary period. This paper describes the functioning of the system on the basis of the evolution of electoral results, the various arrangements attempted in forming governments, and the characteristics of the principal political parties. The growing tendency toward electoral non-participation is the object of particular consideration. The highly autonomous judicial system and the armed forces, which are increasingly coming under civilian control, shall also be analyzed. In conclusion, the paper considers the challenges to Portugal’s immediate future, including the deepening of participatory democracy, the need to lessen both the bureaucratic weight and the excessive centralism of the state, and the quest for a system of justice that will be both speedier and more efficient.