Tue Mar 13th, 2012 at 09:11:57 AM EST
Edward of A Fistful of Euros explains why Portugal is likely to need a second bailout in a long, detailed post.
Basically, the current plan was declared on-track after some accounting sleight of hand and the odds of them being able to go back to the markets anytime soon are minimal. Obviously, since the reform programme is busily destroying the economy their growth rates aren't likely to be anywhere near the optimistic level required by the cunning plan.
The current plan for the EU can't work, and the alternatives are in the process of being turned into thought crimes. What fun.