Portuguese voters braced for austerity measures as Socialists admit defeat
Monday 06 June 2011
Portugal's centre-right Social Democrats (PSD) won yesterday's general election, booting out Prime Minister Jose Socrates' Socialists after they sought a €78bn (£70bn) bailout that will bring deep austerity.
Exit polls by three television stations gave the Social Democrats between 37 and 42.5 per cent of the vote, ahead of the Socialists who scored between 24.4 per cent and 30 per cent. "These are clear results that the Socialist Party wants to recognise," Economy Minister Jose Vieira da Silva said as the Socialists conceded defeat. Mr Socrates, who resigned as prime minister in March, said he was responsible for the defeat and quit as Socialist party head.
The election ends a period of uncertainty that started with the collapse of the Socialist government in March and led Lisbon to become the third country in the eurozone to seek a bailout, after Greece and Ireland.
Social Democrat leader Pedro Passos Coelho is now expected to form a government together with the rightist CDS party. The Social Democrats will inherit a record jobless rate of 12.6 per cent and an expected economic contraction of 4 per cent over the next two years. Welfare and pay cuts, tax rises and threats of strikes will also present challenges. Portugal is locked into debt-reduction targets established as part of the bailout, limiting its room for manoeuvre.
food + drinkMichelin-starred Tom Sellers on being this year's hottest property
tvParents (and kids) rejoice! A new wave of fantastic family entertainment is here
booksGeese, gorillas, grandads... and growing up
food + drinkHow one grocery e-tailer is gearing up for the Yuletide rush
food + drink
travelFor broadcaster Mishal Husain, a long-haul Club Med holiday was a chance for her family to explore its sense of 'zen' and 'animation'
Nelson Mandela: 11 inspirational quotes to live your life by
Ja Rule forced to deny leaving wife for prison cell mate
MPs face public anger after watchdog approves 'inappropriate' 11% pay rise
The 'terrorist' and the Tories: What did Nelson Mandela really think of Margaret Thatcher?
Japan cracks down on leaks after scandal of Fukushima nuclear power plant
- 1 Hundreds arrested as Canadian police smash worldwide paedophile ring
- 2 Sherlock series 3: Benedict Cumberbatch and Martin Freeman provide teasers for the biggest comeback in British television
- 3 Why Barcelona chose Everton to educate their latest prodigy
- 4 Mass murder in the Middle East is funded by our friends the Saudis
- 5 Japan cracks down on leaks after scandal of Fukushima nuclear power plant
- < Previous
- Next >
£23999 - £32001 per annum + Benefits: Pro-Recruitment Group: An independent ac...
£50000 - £75000 per annum + Benefits: Harrington Starr: C# WPF Developer (WinF...
£30000 - £45000 per annum + Benefits: Harrington Starr: QA Tester Automation R...
£45000 - £55000 per annum + Benefits: Harrington Starr: Data Management & ...