April 5, 2011
Portugal was on the brink of accepting an EU bailout after ratings agency Moody's said it was inevitable the country would follow Ireland and Greece as the next victim of Europe's sovereign debt crisis.
Moody's downgraded Portugal's debt to Baa1 and warned that it was running out of cash to service its loans ahead of a re-financing due in the summer.
Portugal's banks reportedly added to the gloom by refusing to lend more funds to the caretaker government, which has struggled to cope with the crisis since a vote in the parliament against further austerity measures forced out Socialist party leader José Sócrates and precipitated a general election.
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