Amid popular unrest Portugal announced Friaday new fiscal measures aimed at reducing the need for foreign financial assistance. Finance Minister Fernando Teixeira dos Santos said that Portugal would tighten austerity measures to ensure it meets its deficit reduction targets. The plan includes cuts in state pensions and reductions in health spending, unemployment benefits and other welfare payments.

Like Greece and Ireland, other debt-heavy European countries, analysts say Portugal is on the verge of needing an international bailout that would prevent its financial collapse.