Portugal's 'credible' restructuring

Portugal has come under fire in recent weeks because of concerns that, mired in a brutal recession and with jobless rates at record highs, it could be forced to restructure its debts.

However, Prime Minister Passos Coelho ruled that out in a debate in parliament, brushing off criticism from left-wing opponents who accuse him of caving in to demands by the EU and IMF for tough austerity.

Portugal's Minister of Economy and Employment Alvaro Santos Pereira said; "we believe in these types of reforms".