now Portugal's public bonds are downgraded to junk status

If Greece wasn't enough...rating agency Moody's has downgraded Portugal government bonds status to "speculative", i.e. junk, and says it will need a second "plan d'assistance financière", i.e. bailout to meet its ongoing international obligations.

Well that should see a further weakening of the Euro.  No-one seems to think the situation of Greece and Portugal is temporary.  The hope is that it won't spread further.