News Summary: Merkel insists on austerity

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Germany\'s Chancellor Angela Merkel, left, talks with Portugal\'s Prime Minister Pedro Passos Coelho before their meeting at the Sao Juliao da Barra fort in Oeiras, Portugal, Monday, Nov. 12, 2012. Merkel was Monday making another trip to a bailed-out eurozone country where many people blame her government for the harsh austerity measures they are enduring. Merkel was due to pay a brief visit to Portugal, which needed a euro 78 billion ($99 billion) rescue last year, in what was widely seen as a display of support for the Portuguese government’s efforts to restore the country’s fiscal health in the teeth of broad public and political opposition. (AP Photo/Francisco Seco)

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MESSAGE TO PORTUGAL: German Chancellor Angela Merkel took her fiscal discipline message to bailed-out Portugal on Monday, advocating the benefits of austerity and economic reforms.

NO WELCOME MAT: As in her recent trips to bailed-out Greece and debt-stricken Spain, demonstrators unhappy about tax hikes and pay cuts devised to improve public finances turned their anger on the German leader. In Portugal, she tolerated Nazi jibes from a small group of protesters.

DEBT PAIN: Portugal needed a €78 billion ($99 billion) rescue last year when it was engulfed by the eurozone's debt crisis, and living standards have dropped sharply.

 
 
 

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