Protesters outside the 18th century palace in Lisbon held out hats and collected coins, milk, rice and bread for Cavaco Silva, mocking the president with the slogan: “A penny for Cavaco.”
At the same time, more than 33,000 Portuguese had already signed an online petition asking the 72-year-old conservative president to step down with most commentators believing that Cavaco Silva’s comments had showed a lack of sensitivity to the plight of his people.
Related: Portugal Economic Statistics and Indicators
Related: Portugal Debt Crisis: Flawed Media Coverage, Bad Economic 'Thinking'
Related: Hungary and Portugal Downgraded to Junk Status
The President, whose role is largely ceremonial in the country, had told reporters last week that the 1,300 euro ($1,704) monthly pension he expected to receive from his time as a university professor “won’t be enough to cover my costs.”
While the president may have waived his presidential salary after being elected for a second term a year ago, he still has a monthly income of around 10,000 euro, as indicated in his tax return forms last year. The average retired Portuguese receives a pension of just 400 euros a month while the average monthly wage is around 1,000 euros and shrinking.
As such, his comments have sparked an outrage among Portuguese citizens who face pay and pension cuts as part of a 78 billion euro international bailout deal for Western Europe’s poorest country.
Related: Rich Nations, Poor People: The Causes For Rising Poverty In The Western World
Related: Poor Little Rich Nations: Poverty in Advanced Economies