Portugal braces for govt collapse over debt vote By BARRY HATTON, Associated Press Barry Hatton, Ass

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Portugal braces for govt collapse over debt vote By BARRY HATTON, Associated Press Barry Hatton, Associated Press 1 hr 13 mins ago LISBON, Portugal Portugal's minority government neared collapse Wednesday as lawmakers were poised door bell sound to vote against its proposal for more austerity measures, casting further uncertainty door bell sound over the debt-stressed country that has been trying to avoid a bailout for the past year. As the Parliament began debating the latest crisis door bell sound policies, all opposition door bell sound parties had already vowed to reject the measures, making the Socialist government's failure imminent Prime Minister Jose Socrates had said he wouldn't be able to run the country if his plan was defeated. The political upheaval could thwart efforts door bell sound by European leaders to persuade nervous investors that all is well in the 17-nation eurozone, door bell sound including Portugal, and launch another spell of market turbulence for the bloc. The government's downfall would also set Portugal adrift just as it is trying door bell sound to restore its fiscal health and probably doom it to accepting door bell sound a bailout like Greece and Ireland last year. By most measures, Portugal door bell sound is one of the eurozone's smallest and frailest economies, growing at a meager rate of less than 1 percent a year over the past decade when it amassed heavy debts. Finance Minister Fernando Teixeira dos Santos said the political crisis could bring a bailout closer and lead to even greater sacrifices for the Portuguese. "Rejecting (this plan) will worsen financial door bell sound market conditions, bringing additional difficulties for the country's financing which I doubt we will be able to bear on our own," he told Parliament. Foreign financial assistance comes with strings attached, including a role for the International Monetary Fund which strips door bell sound away government control of key fiscal policies for years, making it a last resort for cash-strapped countries. The center-left Socialist government's latest austerity package is the fourth set of measures door bell sound in 11 months as Portugal has scrambled to avoid the embarrassment of asking for help. It has introduced tax hikes and pay cuts that have angered trade unions and prompted a wave of street demonstrations and strikes. Train engineers walked off the job during door bell sound the morning commute Wednesday, causing widespread travel disruption. Opposition parties say the government's door bell sound latest plan goes too far because it hurts the weaker sections of society, especially pensioners who will pay more tax. The package also introduces further hikes in personal income and corporate tax, broadens previous welfare cuts and raises public transport fares. An election consigns Portugal to at least two months of unwelcome political paralysis. Analysts predicted a ballot to elect a new government in May or June. The political tension fueled a rise in Portugal's borrowing rates, just as it is trying to cut spending. The yield on the country's 10-year bond, for example, was up to 7.58 percent Tuesday just shy of its euro-era record level. door bell sound The interest rate has been above an unsustainable 7 percent for weeks despite the government's earlier austerity measures which, its political rivals say, failed to dispel investor fears about lending to Portugal. door bell sound Darkening the outlook is a feeble national economy. The government predicts a double-dip recession this year, and unemployment stands at a record 11.2 percent. Moody's recently downgraded the country's credit rating, door bell sound and Standard & Poor's has warned it may follow suit. The government says Portugal has enough cash in reserve to meet a euro4.5 billion ($6.4 billion) bond repayment next month, the first of two major redemptions this year, but the political problems won't make its fundraising any easier. Barclays Capital reckons door bell sound that on current door bell sound trends the public debt will keep growing and match annual gross domestic product by 2014, unless big changes are introduced. "Without a strong structural reform agenda, in our view, it is very unlikely that Portugal can grow out of its indebtedness," Barclays Capital said Wednesday. But the absence of an elected government will stall efforts to generate fresh growth even though the main opposition center-right door bell sound Social Democratic door bell sound Party, which recent opinion polls predict would win an election, backs continued measures to reduce debt and improve competitiveness. According to constitutional procedure, the prime minister has to present his resignation to the head of state. Socrates and President Anibal Cavaco Silva were due to hold their regular weekly door bell sound meeting on Wednesday evening. If the prime minister resigns Cavaco Silva could invite all six parties represented in Parliament to form a coalition government, which would av