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| Portugal borrowing costs rise amid looming crisis | |
| (35 minutes later) | |
| Portugal's borrowing costs have risen sharply amid fears of a growing political crisis in the country. | |
| Yields on the country's benchmark 10-year bonds moved above 8% for the first time since November in early trading. | |
| The main stock market also fell more than 6%. | |
| Earlier this week, two leading ministers resigned from the coalition government, which has been in charge since Portugal requested a bailout in 2011. | |
| It received a bailout worth more than 78bn euros ($102bn; £67bn) in May 2011, on the condition it implemented austerity measures. | |
| The sharp rise in bond yields suggests investors are less confident that Portugal will be able to repay its international debts. | |
| Long recession | |
| Demonstrators have taken to the streets in recent days to protest against planned austerity reforms. | Demonstrators have taken to the streets in recent days to protest against planned austerity reforms. |
| On Monday, Finance Minister Vitor Gaspar resigned, followed by Foreign Minister Paulo Portas, who heads the Popular Party - the junior partner in the coalition government. | |
| The resignations came amid disagreements over Portugal's austerity path. | |
| Prime Minister Pedro Passos Coelho has pledged to stay in office, but it is not clear whether the Popular party will continue to work with him. | |
| Portugal has been in recession for two years and the economy is expected to contract by 2.3% this year. |