Portugal to Hold Snap Election on March 10 Following Prime Minister's Resignation Amid Corruption Probe

Antonio Costa denies accusations of corruption as polls lead to uncertainty over formation of stable government with weakened Socialist Party and increasing support for far-right Chega.

Following Prime Minister Antonio Costa's resignation due to a corruption probe linked to the handling of green energy projects, the President of Portugal, Marcelo Rebelo de Sousa, has dissolved the parliament and announced a snap general election to be held on March 10.
Despite Costa denying any wrongdoing, the first opinion poll after his resignation demonstrated a slump in support for his Socialist Party (PS) from 25.2% in October to 17.9%, indicating potential difficulties in forming a stable government in the aftermath of the election.
A rise in support for the far-right party, Chega, has led to speculation about its leader, Andre Ventura, becoming a potential kingmaker for the centre-right opposition Social Democrats (PSD), despite the latter's denial of such plans.
The corruption probe which led to Costa's downfall involves allegations of influence peddling and misuse of funds in awarding contracts for lithium mining and the development of a green hydrogen plant.
Polls suggest most Portuguese voters prefer a snap election following Costa's resignation. However, analysts predict prolonged political instability amid an uncertain economic outlook.