RSS Feeds

EU commission candidate defends Portugal austerity

Sunday - 5/18/2014, 11:56pm  ET

In this photo taken on May 9, 2014, people shout slogans during a protest by Portuguese local government workers outside the Sao Bento palace, Portugal's premier's official residence, in Lisbon. A thousand days on from its near-economic collapse, Portugal is ready to stand on its own again. On Saturday, May 17, 2014, after an internationally-mandated makeover, Portugal will become the second euro country, after Ireland, to officially shake off its bailout shackles. (AP Photo/Francisco Seco)

LISBON, Portugal (AP) -- 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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.