Portugal's prime minister and the leader of the main opposition party say they have agreed on measures to help steer the country out of a financial crisis that threatens to engulf the eurozone's poorest member.

Jose Socrates, head of the minority Socialist government, and Social Democrat leader Pedro Passos Coelho say they will accelerate the enactment of the government's contested austerity plan by voting together in Parliament.

The pair held emergency talks Wednesday as the Lisbon stock market recorded steep losses for a second straight day.

Portugal's borrowing costs rocketed after an international agency downgraded its credit worthiness Tuesday, signalling that Greece's debt crisis is spreading.