5,000 march in anti-austerity demo in Lisbon

Thousands of Portuguese people have taken to the streets of Lisbon to protest against the austerity measures imposed by the government.

On Saturday, around 5,000 demonstrators marched in the streets of the Portuguese capital in a demonstration organized by the General Confederation of Portuguese Workers (CGTP), the largest trade union federation in the country.

“We want to break with the commitments made in return for the rescue plan, break with right-wing policies, demand the resignation of the government and new elections,” CGTP leader Armenio Carlos said.

“We can feel the lack of money every day, the cost of transportation has gone up, along with school fees. This policy has no future, it is destroying the country’s economy,” one of the protesters said.

Meanwhile, Portugal’s main international creditors — the European Central Bank (ECB), the International Monetary Fund (IMF), and the European Union (EU) — are keeping an eye on Portugal’s implementation of spending cuts and reforms required in return for the 78-billion-euro ($102 billion) rescue package the country received in 2011.

The creditors agreed to relax Portugal’s deficit targets for 2012 and 2013 as a reward to the country for pushing through reforms.

Battered by the global financial downturn, the Portuguese economy fell into a recession, which compelled the country to negotiate with the IMF for a bailout loan in 2011.

Spain, Greece, Italy, Cyprus, and Portugal are all in recession, and all five are receiving financial assistance from European bailout funds.