Portugal to get March snap election after PM resigns

STORY: Portugal will hold a snap parliamentary election early next March after its prime minister suddenly resigned this week amid a corruption scandal.

The nation’s president, Marcelo Rebelo de Sousa, announced the vote on Thursday.

"I have been called to decide on the scenario created by the government, the consequence of the Prime Minister's resignation. I have decided for the dissolution of the parliament and called elections to March 10th, 2024."

"I tried to shorten the time for this decision as much as possible. And if it was not possible to (call elections to an earlier time) this has to do with the replacement of the leadership of the party in government.”

By law, elections must be held within 60 days after a presidential decree dissolving parliament has been published.

De Sousa said he would disband parliament, where the Socialist Party has a majority, only after lawmakers hold a final vote on the 2024 budget bill by the end of November.

He said it would meet the “expectations of many Portuguese" as the budget includes lower income tax rates for the middle class, social benefits, and deploy EU recovery funds in projects, measures that can help spur Portugal’s slowing economic growth.

Portugal's Prime Minister Antonio Costa stepped down after his staff were suspected in a widespread corruption probe.

His majority Socialist administration is accused of improperly handling lithium mining and hydrogen projects in the country.

His government has also been criticized for failing to do enough to tackle the cost-of-living crisis, and soaring housing prices fueled by incentives to lure wealthy foreigners to the country.