Thousands march against austerity in Portugal

Thousands march in Portugal to protest government-imposed austerity measures

Associated Press
Thousands march against austerity in Portugal
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People, some of them holding a large banner that reads in Portuguese: "There is a Way! Government and Troika Out!", march towards the Portuguese parliament during a demonstration against austerity measures taken by the Portuguese government in exchange for an euro 78 billion (US$ 107.6 billion) bailout needed in 2011, in Lisbon, Saturday, Oct. 26, 2013. Others placards read in Portuguese: "Dictatorship" and "Resignation of the lackey government". (AP Photo/Francisco Seco)

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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