NEW : Jose Socrates , a Social Democrats , says , `` We are n't afraid of working '' NEW : To be Ireland 's prime minister after his party forms coalition government . Incumbent Pedro Passos Coelho , whose party got just under 39 % of the vote , admits defeat . `` This is a night for Portugal to celebrate this change , '' he said . Coelho , a businessman , has said he plans to slash spending and foster growth .
NEW : Jose Socrates , a Social Democrats , says , `` We are n't afraid of working '' NEW : To be Ireland 's prime minister after his party forms coalition government . Incumbent Pedro Passos Coelho , whose party got just under 39 % of the vote , admits defeat . Coelho , a businessman , has said he plans to slash spending and foster growth .