Representatives of international lenders of Portugal met here Tuesday in a close-door meeting with Portuguese cross party members as part of a review of Portugal's bailout programs.

Representatives of the troika comprising the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) admitted that changes to Portugal's adjustment program were "under negotiation."

According to Miguel Frasquilho, a Social Democratic Party (PSD) center-left party member who was present at the meeting, the negotiators had "taken into account the mood of the nation" following massive anti-austerity protests in Portugal on Saturday.

"For the troika, the key point is that Portugal can access the markets as soon as possible," Frasquilho told reporters after an-hour-and-a-half meeting between Portuguese ministers and representatives of the troika in Portugal.

"We knew that the adjustment process would be painful, but the social consequences are going beyond what we expected," he said.

"The troika will make the necessary amendments to the adjustment program to enable it to conclude successfully. Representatives of the ECB, IMF and European Commission are closely monitoring the situation and the events on Saturday and are aware of the difficulties that face the country," said Frasquilho.

Portugal currently has one more year to reduce its public deficit to 3 percent, a target that the government has been aiming by implementing some 4 billion euros (5.22 billion U.S. dollars) in cuts in areas such as social security, health and education.

Frasquilho stressed that Tuesday's meeting "could be helpful for the program to be extended and that cutting public spending could also be eased and delayed."

Center-right MP Cecilia Meirelles said there was a "general consensus towards prolonging the adjustment time, I saw some concession from the troika in this direction."

Socialist Party (PS) member Fernando Medina said that his party believed that "this seventh review of the adjustment program, currently underway, should be a real turning point not just small adjustments."

The adjustment "needs profound changes that will stabilize domestic demand and put an end to the adoption of austerity measures," Medina said, stressing that "it is currently not possible for Portugal to implement any more austerity measures."

Tuesday's meeting came as EU ministers announced in Brussels earlier the same day that they would welcome any requests from Portugal for an extension to the Portuguese timetable for the reimbursement of some 78 billion euros of European loans.

Portugal's Finance Minister Vitor Gaspar clarified to local media that this extension will be less than 15 years, arguing that the eventual solution will be "more modest."