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Austerity talks in Portugal break down

July 20, 2013 at 1:24 PM

LISBON, Portugal, July 20 (UPI) -- Talks on government austerity among Portugal's leading political parties have broken down, putting possible agreement on fiscal policies on hold.

The weeklong talks were intended to implement austerity measures demanded by European Union and International Monetary Fund lenders, who gave Portugal a $102 billion bailout in 2011, the BBC reported Friday.

Main opposition leader Antonio Jose Seguro said most of his party's proposals have been rejected and it is time for President Anibal Cavaco Silva to decide how to end the crisis.

"There were two different visions to exit the crisis. That being clear, it made no sense to continue negotiating for the sake of negotiating," Seguro said.

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