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Portugal, where the general strike was held Wednesday at potest austerity measures denied EU pressure for a rescue operation but markets did not believe them.?Photo: AFP

The European Central Bank pushes the Portugal to become the third country in the euro area to accept a "rescue" EU - IMF because of concerns that a Portuguese debt crisis will run its Iberian neighbour, Spain.

The fears of the EU and the eurozone Spain, fifth largest European economy is too large for the rescue and that a Spanish attack down European single currency.

Major European stock markets fell to suddenly unstable by news and talk about the bailout Fund EU be doubled.Ibex the Spain opened the way losing 2. 3pc, while exchanges in London, Paris and Frankfurt have declined between 1. 3pc and 1. 7pc .the ' euro hit $1.3204, its low since the end of September.

Borrowing cost the Portugal and Spain soared, with yields on bonds 10 years countries of records in the début.Cependant trade, Portuguese yields later fell after the country approved its austerity budget 2011, promising to stimulate growth and apply reductions difficult spending, which seeks to avoid a bailout of Irish style.

Parliament adopted the budget hours after a report by the Financial Times Deutschland stated that most of the euro area and the European Central Bank were based on Lisbon to request a kit international relief as the Greece and the Ireland had.

"If Portugal would use the Fund, it would be good for the Spain because the country is heavily exposed to Portugal," the Financial Times Deutschland said unnamed sources.

Mirror like leaking rumors and briefings there are three weeks the Ireland sought a EU bailout and despite the denials of all parties, the reports were later confirmed.

Portugal as Ireland, denied that it is currently under pressure from countries of the euro area and the ECB. ""Press paper is totally false, that it has no basis," said a spokesman for the Government.

However, Finance Minister Fernando Teixeira dos Santos (Portugal), suggested that the euro area grew Portugal to accept a bailout and the loss of sovereignty that allows the EU and the IMF to resume fiscal policy of the country.

"I am not referring to any particular country, much less in Germany," he told the Jornal de Noticias. ""But there is one of our partners in the European Union those who believe that the best way to preserve stability in the euro area is to push and the countries that have been featured in the force".

Jose Socrates, Prime Minister of the Portugal repeatedly denied that his country had need of a bailout plan and stressed that Lisbon will do its utmost meet the objectives of reducing the budgetary deficit.

He said Friday that the passage of the budget, which concluded many months of political wrangling that, at a given moment, threaten the survival of the Government removed Portugal cross of the crisis in the euro area.

Government of the Ireland resisted obtain assistance and refused all rescue before week reports that it admitted last Sunday he went put in receivership EU and the IMF.

As in the case of the Irish, many economists have suggested that EU subsidies and the IMF are a means of pressure on countries like Portugal to implement reductions in wild and tax increases.

The German Finance Ministry refused to put pressure on the Portugal. ""It is not at all the Department's position", said a spokesman.

The Portuguese Government aims to reduce its deficit 4 6pc domestic product gross year next 7 3pc this year.

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