Mass rally in Lisbon over bailout and austerity cuts

Screw the Troika mobilises hundreds of thousands

On Saturday 2nd March 2013, huge crowds poured into the streets of Lisbon and 20 other Portuguese cities to demand the resignation of the conservative government as it proposed new tax rises to cut back the budget deficit. Demonstrators, organised via the Internet by the activist group ‘Screw the Troika’, chanted the lyrics of ‘Grandola’, the song that became the popular hymn of the 1974 Carnation Revolution which brought an end to the military dictatorship in Portugal.

The protests coincided with a quarterly visit by inspectors from the ‘Troika’ (the International Monetary Fund, the European Commission and the European Central Bank), who called for austerity measures as a condition for the 2011 €78 billion ($101.7) bailout plan. Unemployment in Portugal has reached a record 17.6%, a figure that rises to 40% when considering those jobless and under 25 years of age. The national economy is expected to contract in 2013 by 2% for its third consecutive year of recession.

Thanks RuptlyTV for the video