Portugal in difficulty - Fitch cut two steps from rating

Portugal is very close to share a similar problem for Greece and Ireland have external financial assistance on, after Prime Minister Jose Socrates has resigned following the rejection of a new package of austerity measures by the parliament. Value package of support will amount to approximately 70 billion euros, according to speculation in international markets.
Portugal downgrade reflects the increased risks for policy implementation and financing of the budget after parliament failed to adopt measures to strengthen tax and the resignation of prime minister.