Portugal's main political parties say they are ready to negotiate a joint economic strategy that aims to spare the country a second international bailout.

But the obstacles to an agreement were clear during the annual State of the Nation debate in Parliament on Friday as parties traded accusations over who is to blame for the financial crisis.

Portugal's president appealed for broad political consensus after a dispute over austerity measures tore the coalition government apart and raised questions about whether the country can abide by the terms of the €78 billion rescue it received two years ago.

The majority Social Democratic Party and Portugal's bailout creditors say spending cuts must continue. Other parties want a bigger emphasis on growth amid a 17.6% unemployment rate.