Voting is underway in Portugal’s parliamentary elections.

Like many across Europe in recent times, the ballot is being seen as a referendum on austerity policies and market reforms.

The latest poll gives Prime Minister Pedro Passos Coelho’s governing centre-right coalition a lead of between five and ten points.

But the contest is still open.

Polls suggest socialist leader and former mayor of Lisbon Antonio Costa has a 33% share of the vote but 15% of voters remain undecided and the abstention rate is expected to be high.

This is the first election for Portugal since it exited its bailout last year.

The country has endured deep spending cuts and the biggest tax hikes in living memory as it recovered from its debt crisis.

Experts are anticipating an intense post-election period of political horse-trading in the event of any party winning an absolute majority.