Pedro Passos Coelho and his centre-right PSD have won the Portuguese general election. They have been favourites to win ever since he torpedoed the government and decided to seek the Portuguese voters approval for a change of course, although on a low turnout it is hardly ringing support.
“We’ll do everything we can to honour the engagement between the Portuguese state, the EU and the IMF, to take Portugal away from the external bailout that was needed and regain the confidence of the markets in Portugal, because this is essential to recover our own confidence in our country.”
Passos Coelho will now form a coalition with his party’s historic allies the CDS-PP. It should be strong enough to last the entire four-year term, and erase the current political uncertainty that has increased Portugal’s woes in the international money markets.