'Must Germany bail out Portugal too?'

Portugal, not Greece, poses the greater existential threat to Europe's monetary union.

Giles Moec from Deutsche Bank said Portugal's private debt reached 239pc in 2008: Greece was 123pc. Total debt levels matter. The last two years have taught us that private excess lands on the taxpayer one way or another. For Portugal, the figure is now is in the danger zone above 300pc.

Lisbon reacts with outrage to Greek parallels. "Nonsense without any solid foundation, revealing ignorance," said finance minister Teixeira dos Santos. He was responding to remarks by New York Professor Nouriel Roubini that Portugal might be forced out of the euro, and by ex-IMF chief economist Simon Johnson that Portugal is on "the verge of bankruptcy".
Dailly Telegraph