NEW : Pedro Passos Coelho , a Social Democrat , says , ` ` We are n't afraid of working '' NEW : To be Portugal 's prime minister after his party forms coalition government . `` This is a night for Portugal to celebrate this change , '' he said . President José Serra , whose party got 28 % of the vote , admits defeat . Coelho , a businessman , has said he plans to slash spending and foster innovation .
NEW : Pedro Passos Coelho , a Social Democrat , says , ` ` We are n't afraid of working '' NEW : To be Portugal 's prime minister after his party forms coalition government . President José Serra , whose party got 28 % of the vote , admits defeat . Coelho , a businessman , has said he plans to slash spending and foster innovation .