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Edition: U.S. Article Comments (0) Slideshow Video Full Focus Photos of the week Our top photos from the past week. Full Article Follow Reuters Facebook Twitter RSS YouTube Read China paper warns Google may pay price for hacking claims 2:42am EDT Obama Fed pick withdraws, slams partisan politics 2:10am EDT D-Day veterans recall World War Two turning point 05 Jun 2011 Apple's Jobs to take the stage as iCloud hype grows 05 Jun 2011 Greece to start austerity drive as nation seethes 05 Jun 2011 Discussed 78 150 economists back U.S. Republicans in debt fight 64 ”The world is getting warmer”: Romney 63 Moody’s sounds alarm over U.S. debt limit and deficits Watched Latvian blondes prove they have more fun Thu, Jun 2 2011 Transsexual model takes Rio Fri, Jun 3 2011 Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 Portuguese center-right beats Socialists in vote Tweet Share this Email Print Related News Greece to impose deeper austerity for new rescue Thu, Jun 2 2011 Portugal votes under bailout cloud, centre-right ahead Thu, Jun 2 2011 Greece nears IMF/EU deal and dismisses drachma talk Wed, Jun 1 2011 Greece moves on austerity deal, opposition wants more Tue, May 31 2011 Greek opposition sets demands as EU/IMF verdict nears Mon, May 30 2011 Analysis & Opinion Party wins big in Vietnam, but with a few twists African ministers converge on Lisbon to discuss the North Related Topics World » Portugal » Related Video Portugal's Socialists out Sun, Jun 5 2011 1 / 9 Portugal's Socialist Party candidate and caretaker Prime Minister Jose Socrates reacts during the general election in Lisbon June 5, 2011. Socrates resigned as head of the Socialist Party on Sunday after it lost a general election to the centre-right Social Democrats. Credit: Reuters/Hugo Correia By Shrikesh Laxmidas and Sergio Goncalves LISBON | Mon Jun 6, 2011 1:54am EDT LISBON (Reuters) - Portugal's center-right Social Democrats (PSD) scored a convincing win over the Socialists in an election on Sunday, punishing the outgoing government for a 78 billion euro bailout that will bring deep austerity. The election should end months of political uncertainty that began with the collapse of the Socialist government in March and led Lisbon to become the third country in the euro zone to seek a bailout after Greece and Ireland. Results showed the PSD won 105 seats, or 39 percent of the vote, while the rightist CDS party obtained 24, allowing the two traditional government allies to have a strong majority in the 230-seat parliament. The Socialists won 73 seats, 24 less than in the last election. "I will direct all my efforts as rapidly as possible to guarantee the country and the Portuguese will have a majority government led by the PSD that will give stability for the next four years," Passos Coelho told his party after the election. CDS leader Paulo Portas said he was ready to rule together with the Social Democrats, allowing the incoming government to implement the austerity measures agreed with the European Union and the IMF as part of the rescue package. "The country has shown unequivocal will to open a window of confidence and hope for the future," said Passos Coelho. The election result showed that many Portuguese blamed the Socialists, in power for six years, for the country's economic crisis. "It's a win that shows a big red card for Jose Socrates, who has left this country on its knees," said Julio Peixoto, 43, carrying a giant PSD flag outside the party's election campaign headquarters in Lisbon. Socrates, who resigned as prime minister in March after his government failed to pass the austerity measures but stayed on in a caretaker capacity, said he was responsible for the defeat and quit as Socialist party head. PSD TO HONOR BAILOUT TERMS Passos Coelho said his government is fully committed to the terms of the bailout from the European Union and IMF. He said he wanted Portugal "to win back confidence of markets which is essential for the country itself to recover." A center-right government will be welcomed by investors, who have lost faith in Portugal's assets in the past few months, dumping its bonds and pushing borrowing rates to euro-era highs. "This result will be seen as positive by markets and investors," said Filipe Garcia, head of Informacao de Mercados Financeiros consultants in Porto. "It allows for stable government that can last the full mandate and that is positive." Socrates' minority government collapsed halfway through its term, weighed down by its inability to pass legislation in parliament as the sovereign debt crisis worsened. "This big win will avoid a political impasse, which is what led Socrates' government to fall -- it was unable to pass important legislation," said Garcia. A center-right coalition government should be able quickly to enact reforms and austerity measures included in the bailout, such as sweeping tax rises and deep spending cuts, to reduce Portugal's large deficit and debt. Still, Portugal faces its highest level of unemployment in three decades and the economy is expected to contract two percent both this year and next, presenting the new government with tough challenges as disposable incomes fall and austerity takes its toll. So far there have been few strikes or protests against austerity measures in Portugal, unlike Greece and neighboring Spain, but analysts say that could change as the recession deepens. (Additional reporting by Andrei Khalip, Daniel Alvarenga, Catherine Macdonald and Miguel Pereira; Writing by Axel Bugge; editing by Angus MacSwan) World Portugal Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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