LISBON -- Portuguese President Marcelo Rebelo de Sousa announced in a televised address on Thursday that he will dissolve parliament and call an early parliamentary election for May 18.

Prime Minister Luis Montenegro's government entered caretaker status after failing to secure a majority in a parliamentary confidence vote on March 11. Following consultations with major political parties and the Council of State, Rebelo de Sousa decided to move forward with the early election.

This will be Portugal's third snap election in three years. Rebelo de Sousa acknowledged that the decision was "a path that no one expected and no one wanted," but said it was ultimately driven by a "trust conflict" between most opposition parties and the government.