What is the price of Portugal's bailout?

Portugal's economic recovery will begin in two years time but only after austerity measures have brought on a deep recession.

That is how the head of the EU and IMF mission in Lisbon described the likely impact of the terms of the $116bn loan package just agreed.

Lisbon was warned it must become far more competitive if it wants to grow again.

Portugal is the third eurozone nation to need such a bail-out.

Nigel Cassidy reports.