PORTUGAL ELECTION: SOCIALISTS BE GONE

FINANCIAL TIMES: “Portugal’s opposition Social Democrats (PSD) won a conclusive victory in a general election on Sunday, paving the way for a new centre-right government…”

“José Sócrates, prime minister for the past six years, conceded defeat and said he would resign as Socialist leader after the party’s worst election result for more than 20 years.”

“Pedro Passos Coelho, the PSD leader who will replace him as prime minister, said he would immediately seek to form a coalition government with the smaller conservative Popular party (CDS-PP).”

“Mr Passos Coelho, who has no previous government experience, faces the daunting task of implementing deep spending cuts and extensive economic reforms agreed with the European Union and International Monetary Fund against tight deadlines.

[READ: Peter Wise “Socialists Ousted in Portugal Election” at the Financial Times]

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