This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Merkel Risks Protests In Visit To Portugal

BARRY HATTON

LISBON, Portugal (AP) â¿¿ German Chancellor Angela Merkel took her fiscal discipline message to bailed-out Portugal on Monday, tolerating Nazi jibes from a small group of protesters as she advocated the benefits of austerity and economic reforms.

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. 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.

A protest march in Lisbon featured dummies with Merkel's face and with T-shirts saying "Adolf Merkel" and including a swastika. Banners said "Merkel Nazi, Go Away!" and, in German, "Merkel Raus" (Merkel Out).

"I think it's wrong what they are doing," said Luis Miguel, an actor who was carrying puppets representing Merkel and Portuguese Prime Minister Pedro Passos Coelho. "It's not right what they are taking from the people."

Merkel told a news conference with Passos Coelho she was "not particularly bothered" by the Nazi references, saying people had a right to express their views.

Germany is the eurozone's biggest and strongest economy and contributes more than the other 16 members to bailouts for financially troubled members. In return, it has demanded that rescued eurozone members adopt spending cuts and enact reforms that take away long-standing workers' entitlements in order to improve competitiveness. That has made Merkel a lightning rod for public discontent.

Reactions to Merkel's visit illustrated the split in Europe over how to handle the continent's debt crisis. Merkel and the Portugal's center-right government insist austerity policies must continue. Portugal's main opposition Socialist Party, like French president Francois Hollande, wants a softer emphasis on cuts and greater focus on measures to improve growth. That demand has won broad public support in Portugal.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs