Portugal Opposition Socialists Want New Bailout Plan

Antonio Jose Seguro
Patricia De Melo Moreira | AFP | Getty
Antonio Jose Seguro

Portugal needs a new bailout program due to the failure of the current austerity policies, the head of the main opposition Socialist party said on Tuesday.

"The country is confronted with the necessity to negotiate a new program, a precautionary one or something else," Socialist leader Antonio Jose Seguro said after meeting with the country's president. "This is necessary because of the failure of austerity policies."

Seguro also repeated his demand that the country holds a new election after a political crisis rocked the ruling coalition and threatened its survival.