During a break in proceedings at February’s European leaders’ summit, the Dutch premier approached his Portuguese counterpart with a can of beer and a smile.

Mark Rutte handed over a popular Belgian brew to Antonio Costa with an acknowledgment that the government in Lisbon had surprised him, according to a person with knowledge of the exchange. After Portugal’s public debt hit 134% of GDP during the COVID-19 pandemic, Costa had bet his fiscally conservative colleague that he’d get it back below 100% and, to the Dutchman’s amazement, he’d managed it.