Socialists in Portugal Ready for More Austerity

Portugal must introduce new budget cuts in its 2014 state budget, announced socialist PM Perdo Passos Coelho.

"There is no alternative to budget cuts. If we do not reach our goals, the price that we will have to pay will be much higher," said PM, who is also leader of Portugal's Social Democratic Party.

As part of its 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.

Austerity has provoked strong public discontent in Portugal, as elsewhere, with massive rallies gathering in protest against the cuts.

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