Portuguese austerity policy to be approved the prime minister says he will resign

The Portuguese Government plans to submit the latest austerity package to Parliament March 21, according to British media, and the prime minister, Socrates, said he would resign if the plan was not finally passed by Parliament.　　Socrates said that without a new austerity policy, Portugal would likely face similar consequences to Greece and Ireland, thus accepting international financial aid. The Portuguese Government announced a series of austerity measures on March 11, and the country's main opposition party said it would not support the government's measures.　　"At this critical juncture, anyone who wants to create a political crisis will be responsible for the consequences," said the Portuguese Cabinet minister Pereira. After Greece and Ireland received financial aid, it was widely expected that Portugal would likely be the euro zone's next fallen "Domino". According to statistics, as at the end of 2010, Portugal's government debt has reached 83.3% of gross domestic product. Since 2011, Portugal has proposed fiscal austerity measures three times in an effort to avoid seeking international assistance.