Protests Continue in Spain, Portugal

Dani Pozo / AFP / GettyImages

Protester attend a demonstration organized by Spain's 'indignant' protesters, a popular movement against a political system that they say deprives ordinary Spaniards of a voice in the crisis, near the parliament building in Madrid on September 29, 2012. Helmeted riot police fired rubber bullets and baton-charged protesters on September 25, 2012 as thousands rallied near parliament in anger at the economic crisis, in clashes that left at least 14 people wounded. AFP PHOTO / DANI POZO (Photo credit should read DANI POZO/AFP/GettyImages)

As the financial situation worsens in parts of Western Europe, tens of thousands of Spanish and Portuguese citizens took to the streets Saturday to vent their anger over austerity measures. Protesters rallied against tax hikes and government spending cuts that are being implemented at a time when unemployment is at its highest levels in years. In Spain, where protests continue for a third day, the conservative government has proposed a draft budget for 2013 that would cut spending by €40 billion by freezing public-sector pay and slashing unemployment. Portugal has instituted similar cuts in exchange for a €78 billion bailout.