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Angela Merkel praises Portugal's resolve on debt crisis | Angela Merkel praises Portugal's resolve on debt crisis |
(35 minutes later) | |
German Chancellor Angela Merkel has praised Portugal's resolve in tackling a debt crisis that required a 78bn-euro ($101bn) bailout. | German Chancellor Angela Merkel has praised Portugal's resolve in tackling a debt crisis that required a 78bn-euro ($101bn) bailout. |
Speaking as she met Portugal's prime minister in Lisbon, Mrs Merkel pledged German solidarity for the Portuguese during "very hard" times. | Speaking as she met Portugal's prime minister in Lisbon, Mrs Merkel pledged German solidarity for the Portuguese during "very hard" times. |
PM Pedro Passos Coelho said the bailout had been the "only way forward". | PM Pedro Passos Coelho said the bailout had been the "only way forward". |
But Mrs Merkel was met by protesters with banners reading "Merkel assassin" and "Portugal is not Merkel's country". | But Mrs Merkel was met by protesters with banners reading "Merkel assassin" and "Portugal is not Merkel's country". |
Large numbers of police were deployed to block off streets as Mrs Merkel travelled to meet President Anibal Cavaco Silva and then to talks with Mr Passos Coelho. | Large numbers of police were deployed to block off streets as Mrs Merkel travelled to meet President Anibal Cavaco Silva and then to talks with Mr Passos Coelho. |
Some demonstrators booed Mrs Merkel, blaming her as the architect of austerity measures that are increasingly unpopular. | Some demonstrators booed Mrs Merkel, blaming her as the architect of austerity measures that are increasingly unpopular. |
Portugal predicts a third straight year of recession next year - its budget for 2013 will include massive tax rises and huge public spending cuts. | Portugal predicts a third straight year of recession next year - its budget for 2013 will include massive tax rises and huge public spending cuts. |
The unemployment rate is almost 16%. | The unemployment rate is almost 16%. |
Black balloons | Black balloons |
Mrs Merkel expressed sympathy for the jobless. | Mrs Merkel expressed sympathy for the jobless. |
"I know that it's very hard for some people - unemployment is high, especially among young people, so Germany wants to support Portugal, in particular with professional training. I sense a great sense of determination here in Portugal to overcome this difficult phase." | |
She added: "I think Portugal's conditions for growth have improved greatly recently because of this adjustment programme and the courageous action of the government." | |
Mr Passos Coelho said there was no option but to follow the policies his government had put in place. | Mr Passos Coelho said there was no option but to follow the policies his government had put in place. |
"We know that the social situation is difficult and that it is easier to talk about reform than carry it out," he said. | "We know that the social situation is difficult and that it is easier to talk about reform than carry it out," he said. |
"We are aware of the difficulties but we think this is the only way forward." | "We are aware of the difficulties but we think this is the only way forward." |
Some demonstrators earlier released black balloons "in mourning" at Mrs Merkel's visit, and several more protests were planned during her six-hour stay. | Some demonstrators earlier released black balloons "in mourning" at Mrs Merkel's visit, and several more protests were planned during her six-hour stay. |
The European Commission, European Central Bank and International Monetary Fund - the so-called "troika" - have just started a quarterly review of Portugal's adherence to its bailout terms. | The European Commission, European Central Bank and International Monetary Fund - the so-called "troika" - have just started a quarterly review of Portugal's adherence to its bailout terms. |
The report will determine whether Portugal gets its next tranche of 2.5bn euros of bailout funds. | The report will determine whether Portugal gets its next tranche of 2.5bn euros of bailout funds. |
Mrs Merkel said she expected a positive report. | Mrs Merkel said she expected a positive report. |
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