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News Summary: Financial crisis deepens in Portugal

The Associated Press

NEEDED CUTS: Creditors who lent Portugal 78 billion euros ($101.48 billion) in a bailout two years ago are demanding that the government prune spending by another 4 billion euros in 2014 and 2015. If Portugal doesn't comply, it could be denied the next installment of its bailout.

PAINFUL RESULTS: Portuguese pensioners, schools and government workers are in the crosshairs of the latest planned government cuts. The austerity is destroying legions of small businesses, and charities say they are already struggling to cope with calls for help.

WORST HIT: Portugal's elderly have been hit hard by austerity. This year, the government will take another bite out of monthly pensions over 1,350 euros ($1,755.)