Portugese Rise in Protest against New Austerity Budget

Business » FINANCE | November 26, 2013, Tuesday // 14:42

Thousands of Portugese citizens assmbled Tuesday in protest in front of Parliament in Lisbon, as the house is to vote the budget for 2014, imposing new austerity restrictionis.

Protestors are chanting anti-cabinet slogans, and are calling for new elections, describing current ruling politicans as "fraudsters."

Many civil servants and retired citizens - who are among the groups most affected by the cuts - have joined the rally.

In October, Portugal's socialist PM Pedro Passos Coelho vowed his cabinet's determination to deepen austerity policies, which he described as inevitable should the country want to get back to its feet financially.

As part of a EUR 78 B bailout plan, Portugal has agreed to reduce its budget deficit from 5.5% for 2013 to 4% for next year.

The country hopes to return to obligations markets after the end of the plan, in June 2014.

In the past, austerity has alread provoked strong public discontent in Portugal, as elsewhere, with massive rallies gathering in protest against the cuts.

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Tags: Pedro Passos Coelho, Portugal, Portugese, cuts, austerity, bailout
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