Updated 12.54
The European Central Bank has held the key interest rate steady at 0.5 per cent.
The ECB is meeting this lunchtime against the backdrop of unease on the markets at the political crisis in Portugal and the unfolding situation in Egypt.
Portugal was rescued from the threat of bankruptcy 2 years ago with loans of €78 billion - borrowing costs soared to an unsustainable 8% yesterday, but have eased somewhat in today's trading.
The country's Finance minister and Foreign minister both resigned this week over tensions arising from the austerity programme.
Investors are waiting to hear what the head of the ECB Mario Draghi has to say about the situation at a press conference later this afternoon.
The bank is not expected to announce any new measures specific to the crisis in Portugal.
ECB President Mario Draghi is under pressure to keep markets calm by making sure monetary policy is accomodative and stimulative, because - unlike other authorities internationally - the ECB doesn't have the option of quantative easing.
Conal McCoille Chief Economist at Davy spoke to Newstalk's Business Breakfast:
