Thousands march against austerity in Portugal

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Associated Press

Posted on October 26, 2013 at 12:03 PM

Updated Saturday, Oct 26 at 12:03 PM

LISBON, Portugal (AP) — Thousands of people have marched in Lisbon to protest the austerity measures the government has been compelled to adopt in return for a 78 billion euro ($105.6 billion) bailout reached in 2011.

Saturday's march to Parliament, which was peaceful, was in support of a civic movement called "Screw the Troika."

Troika refers to the three bailout creditors — Portugal's fellow eurozone members, the European Central Bank and the International Monetary Fund — that have helped Portugal during its financial crisis.

Market confidence is needed so Portugal can improve its credit rating, currently classified as junk by the three main rating agencies. The country also must resume long-term borrowing in bond markets by the middle of next year, when the bailout program ends.

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