In this 2nd part of their article (for its 1st part see Polis, 2004, № 2), the authors turn to the other of the two critical events in the newest history of Portugal — to the country’s transition to democracy — and make an attempt, with resort to theory of games, to explain the processes that were developing in the country from 1968 up to the coup d’etat of April 25, 1974. It is models of dynamic games that are applied in this part of the article. To succeed in this, the researchers focus their attention on quality of the information the actors disposed of when entering the game, and demonstrate that the factor of information renewal in the process of the game is of decisive importance for the comprehension of its outcome.