Debt crisis in Portugal

Portugal has reached closer to a humilating bailout from the E.C.B. and the I.M.F. as the Prime Minister Jose Socrates failed to complete the fourth round of financial measure.Like Greece and Spain,Portugal also became a victim of the Austerity measure.The country tapped very aggressively their domestic banking for massive debt,certainly a bad policy by the Central Banker's.Not only that,the country borrowed at a skyrocketing high rates from questionable lender to avoid any fiscal condition.The major chunk of Portugal's debt stock is held by prudent foreign lenders who are in position to exploit the situation.
So,how much do Portugal needs to borrow to refinance her country? Well,it could be in between 21 billion euro to 22 billion euro,I guess.But at any cost,the government must avoid the Austerity measure as the outgoing Prime Minister thought about raising the tax on the Pensioner.
In the coming days,Greece and Spain will go hat in hand to the I.M.F. as both of the countries financial health is in dire state.Britain and Italy may follow,but its too early to say.