EU Commission Candidate Defends Portugal's Austerity Plan
LISBON, Portugal -- European Commission presidency candidate Jean-Claude Juncker has defended Portugal's continuing austerity program as it frees itself from a three-year bailout program that saved the country from collapse.
Juncker, who is campaigning in Lisbon on Sunday, said Portugal made a "clean exit" from the worst financial crisis since World War II but needed to avoid future debt to create growth and jobs.
He said it was "mountains of debt" that got Europe into trouble, and that debt was deeply anti-democratic, because countries lumbered with it quickly become fair game for the markets and "the victim of speculators."
Portugal became the second eurozone country after Ireland to free itself from the austerity and oversight imposed by its European partners and the International Monetary Fund as part of its 78 billion euro ($107 billion) bailout.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV