On 6 April 2011, after his proposed "Plan for Stability and Growth IV" (PEC IV) was rejected by the Parliament, Prime Minister José Sócrates announced on national television that the country would request financial assistance from the IMF and the European Financial Stability Facility, as Greece and the Republic of Ireland had done previously. It was the third time that the Portuguese government had requested external financial aid from the IMF—the first occasion occurred in the late 1970s following the Carnation's Revolution. In October 2011, Moody's Investor Services downgraded nine Portuguese banks due to financial weakness.

What did Prime Minister Jose Socrates announce on April 6, 2011?