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| Version 4 | Version 5 |
|---|---|
| Portugal election: Socialists admit defeat | Portugal election: Socialists admit defeat |
| (40 minutes later) | |
| Portugal's governing Socialist Party has admitted defeat in the general election. | Portugal's governing Socialist Party has admitted defeat in the general election. |
| Socialist leader Jose Socrates said he accepted responsibility for the defeat and resigned as head of his party. | Socialist leader Jose Socrates said he accepted responsibility for the defeat and resigned as head of his party. |
| The victorious centre-right Social Democrats (PSD) led by Pedro Passos Coelho are expected to form a majority with the conservative CDS. | 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. | 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%. | 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. | "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. |
| Announcing his resignation to party supporters in Lisbon, Mr Socrates said: "This defeat is entirely mine and I want to assume full responsibility for it. | |
| "I feel it is necessary to open a new political cycle that is able to prepare a consistent alternative. I want to give the Socialist Party the space to discuss its future and select a new leadership." | |
| All the main parties are backing the 78bn euro ($116bn; £70bn) bail-out, which requires tough austerity measures amid a faltering economy and a debt crisis. | All the main parties are backing the 78bn euro ($116bn; £70bn) bail-out, which requires tough austerity measures amid a faltering economy and a debt crisis. |
| 'Difficult period' | |
| Mr Passos Coelho, voting at a polling station on the outskirts of Lisbon, said Portugal had to stick to the bail-out terms to regain market confidence and return to growth. | Mr Passos Coelho, voting at a polling station on the outskirts of Lisbon, said Portugal had to stick to the bail-out terms to regain market confidence and return to growth. |
| "You know that we now have a very difficult period for the next two or three years," he said. | "You know that we now have a very difficult period for the next two or three years," he said. |
| "But I am sure that we will make the necessary change and Portugal will achieve new prosperity with economic growth." | "But I am sure that we will make the necessary change and Portugal will achieve new prosperity with economic growth." |
| Socialist leader Jose Socrates resigned as prime minister in March, triggering early elections after the opposition in parliament rejected his minority government's fourth austerity package in less than a year. | Socialist leader Jose Socrates resigned as prime minister in March, triggering early elections after the opposition in parliament rejected his minority government's fourth austerity package in less than a year. |
| Since then, he has acted as caretaker prime minister. | Since then, he has acted as caretaker prime minister. |
| Portugal is faced with unemployment of more than 12% and an economy that is expected to contract by 2% this year and next. | Portugal is faced with unemployment of more than 12% and an economy that is expected to contract by 2% this year and next. |
| Mr Passos Coelho suggested this week that he was the preferred candidate of donors to the bail-out fund. | Mr Passos Coelho suggested this week that he was the preferred candidate of donors to the bail-out fund. |
| "We are going to cut state waste and excesses while finding a way for the needy to get what they need," he told supporters. | "We are going to cut state waste and excesses while finding a way for the needy to get what they need," he told supporters. |
| Mr Socrates has accused the Social Democrats of pursuing a "radical right-wing agenda" and criticised Mr Passos Coelho for lacking experience in government. | Mr Socrates has accused the Social Democrats of pursuing a "radical right-wing agenda" and criticised Mr Passos Coelho for lacking experience in government. |
| The new government will have to enact urgent and far-reaching social and fiscal reforms, including more austerity measures, to restore national fiscal health and encourage growth. | The new government will have to enact urgent and far-reaching social and fiscal reforms, including more austerity measures, to restore national fiscal health and encourage growth. |
| The terms of the bail-out call for tax increases, a freeze on state pensions and salaries, and cuts in unemployment benefits. | The terms of the bail-out call for tax increases, a freeze on state pensions and salaries, and cuts in unemployment benefits. |
| "The road with this package is long and filled with reforms which may be politically difficult to pass," Diego Iscaro, an economist at IHS Global Insight, told Reuters news agency. | "The road with this package is long and filled with reforms which may be politically difficult to pass," Diego Iscaro, an economist at IHS Global Insight, told Reuters news agency. |