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.
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