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Madrid, Spain (CNN) -- Portuguese Prime Minister Jose Socrates resigned Wednesday in a televised speech to his debt-ridden nation after parliament rejected his government's austerity plan intended to ease the financial crisis.
Opposition parties combined to vote down the plan, which they viewed as hurting Portugal's poor, that had been formulated without broad consensus. Socrates, a Socialist, had threatened to resign if the plan failed.
He gave his resignation to the Portuguese president, Anibal Cavaco Silva. The presidential website indicated it was not clear there would be snap elections. Another option, the website indicated, would be for a replacement to be appointed without elections.
Socrates said the country is the real loser in the decision.
"The obstruction from the opposition today was taken to intolerable levels." Socrates said in his address. "It wasn't just about obstructing the government, it was about obstructing the country."
The defeated plan was the latest in a series of austerity measures aimed at resolving Portugal's financial crisis. Where previous plans had increased the country's value added tax to 23 percent and cut salaries of government workers by an average of 5 percent, the latest proposal included budget cuts and a freeze on pensions.
