Portugal election: Socialists admit defeat

June 6, 2011

Media_httpinreutersco_czvdjIn a much anticipated outcome, Portugal will vote to replace the caretaker Prime Minister Jose Socrates with opposition center-right Social Democrat Pedro Passos Coelho via maxkeiser.com

As his victory became clear, Mr Passos Coelho said he would do “everything possible” to make sure Portugal honoured the terms of the bail-out.
“I want to guarantee to those who are watching us from abroad that Portugal does not intend to be a burden for the future to other countries that lent us the means that we needed today to face up to our responsibilities,” he said.
The victorious centre-right Social Democrats (PSD) led by Pedro Passos Coelho are expected to form a majority with the conservative CDS.

The new government must implement a demanding austerity programme as a condition for an EU bail-out. Exit polls gave the PSD between 37% and 42.5% of the vote, ahead of the Socialists who scored between 24.4% and 30%. “These are clear results which the Socialist Party wants to recognise. All the results point to a win for the PSD and a defeat for the Socialists,” Economy Minister Jose Vieira da Silva said.