Election to be moved as early as next week
Portugal’s President Cavaco Silva was in talks with senior politicians of all parties yesterday (25th March 2011) to discuss a possible election date. The most likely scenario is that the election will be called next week. The election will take place no sooner than 55 days after being called, which means an end of May election is most likely.
Meanwhile Standard and Poor have downgraded Portugal’s ratings from A- to BBB and an EU/IMF bailout is looking more likely at a probable cost of €70 billion.
Jose Socrates who resigned as Prime Minister on Thursday represented Portugal at an EU leaders meeting yesterday where he stated that Portugal did not need a bailout.