In return for a $114 billion EU-IMF rescue package Portugal will have to implement austerity measures -- already a key issue of its current election.

The country which is experiencing its highest unemployment rate in 30 years - 12.6 per cent -- must implement tax hikes, a freeze on pensions and wages, as well as introduce a big reduction in welfare benefits.

Al Jazeera's Sonia Gallegos reports from Lisbon.