On the Portuguese and Irish bailout extension

Last October, I highlighted the issue of bailout extensions to Ireland and Portugal and so I want to re-visit this theme now that Portugal and Ireland are in the news looking to change the terms of their existing bailouts.
Here's the issue: Ireland and Portugal received Troika bailouts about two years ago. Ireland was first in late 2010, followed by Portugal in mid-2011. The question for both nations has always been whether they would be able to regain market access within the three year time frame in Troika programs that would allow them to self-finance on public debt capital markets. To wit, in downgrading Portugal two months after its bailout, Moody's wrote:

The following drivers prompted Moody’s decision to downgrade and assign a negative outlook:
1. The growing risk that Portugal...


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