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.
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.
PORTUGAL JOINS BRITAIN, FRANCE, GERMANY, SWEDEN AND HUNGARY.
A defeat for Mr Sócrates after six years in office would mean another election loss for the centre-left in Europe, leaving only Spain, Greece, Austria, Slovenia and Cyprus with socialist-led governments in the EU.PLEASE READ THE ENTIRE FT ARTICLE.
AND SPAIN WILL ALMOST CERTAINLY MOVE RIGHT IN THE NEXT ELECTION!
MR. OBAMA: ARE YOU WATCHING!?!?!?!?