My doormat is home to a number of invitations to borrow money; the best of them is inviting me to take a £10k unsecured loan for 7.3%. The EU is similarly trying to get Portugal to accept a loan, at a reasonable 7.5%. No doubt as Lisbon has its breakfast it will look at the payment terms before chucking the letter in the bin - or perhaps not. After all, why not take the loan, ignore the country's ability to meet the payments and have a big splurge? The hangover comes tomorrow, after all, and that's a world away. And if the worst comes to the worst, Portugal can always take an Individual Voluntary Arrangement, or even take bankruptcy and default on all its obligations. After all, it's done this five times already since 1800.
Still, it's a measure of the country's financial instability that I've got a marginally better credit rating than Portugal.