Center-Right Candidate Wins Portugal Presidential Vote Outright

Center-right candidate Marcelo Rebelo de Sousa won Portugal’s presidential election on Sunday, an outcome that should help maintain political balance after a dramatic swing to the left in October’s parliamentary ballot.

In his victory speech, Social Democrat Rebelo de Sousa, 67, said he will work to promote consensus and repair divisions created in the aftermath of the previous election when the left ousted a center-right administration that imposed tough austerity under an international bailout in 2011-14.

Portugal’s president is a largely ceremonial figure but he plays an important role at times of political uncertainty – as have gripped the country since last October’s inconclusive parliamentary election. He has the power to dissolve parliament and fire the prime minister.

Portugal is likely to need all consensus possible as a shaky government of moderate center-left Socialists dependent on far-left parties for support in parliament tries to reconcile its election pledges to end economic austerity with budget deficit cuts promised to the European Union.

CNBC

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.