When Portuguese Prime Minister José Sócrates resigned in March after his debt-reducing austerity plan was thrown out of the Lisbon parliament many people thought it would be the end of the once popular leftist leader. They may have been wrong.
Portugal moves a step closer to a Greek-style crisis as the Socialist prime minister steps down after an unsuccessful congressional vote on measures to cut the deficit.
Portuguese officials continue to insist they can keep the threat of a bailout at bay with their current austerity push. However, that does not mean the markets will be convinced.
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