Via the Financial Times:

Portugal is to ask the European Union and International Monetary Fund for changes to its €78bn financial rescue agreement to help lift the country’s debt-stricken economy out of recession. Pedro Passos Coelho, prime minister, said he would seek “greater flexibility” to channel finance to companies in an effort to stimulate economic growth.
“We will propose some adjustments to our financial and economic assistance programme to take into account economic realities and the evolution of the main [economic] variables,” he said at a meeting of Latin American and Iberian leaders in Paraguay on Sunday.
The Portuguese economy is forecast to contract by 4.9 per cent over 2011 and 2012, with unemployment reaching a record 13.4 per cent, after the government introduced additional austerity measures to meet fiscal targets agreed under the bail-out programme.

The Portuguese are doing their best, but, trapped within a currency for which their country is manifestly unsuited, it is hard to see how they get out of this fix…