BBC News - Portugal election: Socialists admit defeat: "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.
Exit polls gave the PSD between 37% and 42.5% of the vote, ahead of the Socialists who scored between 24.4% and 30%."
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