On Thisday 23rd March, 2011 The Prime Minister of Portugal, Jose Socrates, resigned after his austerity budget failed to pass in parliament.
Failure to pass the budget meant that Portugal would likely join the ranks of Greece and Ireland in the European Union, and would need help from a bailout package similar to the ones that those two countries received in 2010. The budget aimed at tackling the harsh economic situation in the country included tax rises and spending cuts, however the five opposition parties all voted against it.
THROWBACKTHISDAY; makes it 5 years and TBT Blog remembers.
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