Queima das Fitas (or “Burning of the Ribbons” in english) it's the BIGGEST STUDENT FESTIVAL IN EUROPE (if not the world) :p and it's considered the 2nd festival with most consumption of beer in the world!
And what happens in Queima da Fitas and why is SO good?
Students collect money and find sponsors since their freshmen year in order to pull tons and tons of alcohol together in the parade (called Cortejo in portuguese) - that means liters and liters of beer, wine and spirits that will be given for FREE to everyone who is near their allegoric car! Seems unbelievable, doesn’t it? Believe it's true!