'Screw the Troika': Austerity marches in Portugal

on 02/03/2013 18:01:26

Thousands of people are holding marches in more than 20 cities in Portugal to protest against government-imposed austerity measures aimed at lifting the ailing country out of recession.

Tens of thousands of people have filled a Lisbon boulevard leading to the Finance Ministry carrying placards saying "Screw the troika, we want our lives back".

The troika is a reference to the European Commission, the International Monetary Fund and the European Central Bank, the lenders behind the country's financial bailout.

Many protesters are singing a 40-year-old song linked to a 1974 popular uprising known as the Carnation Revolution.

Portugal is expected to endure a third straight year of recession in 2013, with a 2% contraction. The overall jobless rate has grown to a record 17.6%.