News Summary: Portugal government under pressure

News Summary: Pressure mounts on bailed-out Portugal's government with motion of no confidence

Associated Press

ANGER: Opposition parties in Portugal presented a motion of no confidence in the government, giving voice to the country's widespread discontent.

THE RESULT: The government had enough votes to easily defeat the motion. But the political pressure added another dose of uncertainty into financial markets already jittery about the fate of Cyprus and the wider eurozone.

THE BACK STORY: Portugal needed a $100 billion rescue two years ago. The three-year bailout agreement locked Portugal into austerity policies which are now widely blamed for the steep economic downturn. Portugal is enduring a predicted third year of recession and a 17.5 percent jobless rate.

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