LISBON: Portugal's centre-right government on Monday announced sweeping tax rises and spending cuts in its 2013 budget, which promises a third year of recession and hardship under the strict conditions of a 78-billion-euro (62.2 billion pounds) bailout.
Finance Minister Vitor Gaspar warned that failure to continue on the path of austerity could be catastrophic as about 2,000 protesters gathered outside parliament to demand the resignation of the government.
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