In Spain’s general election Sunday, the Conservative People’s Party (PP) won enough seats to lead a coalition government. However, Spain’s Socialist Workers’ Party (PSOE) will deny conservatives the right to form a government by voting against them.
Since the death of Francisco Franco and the restoration of democracy in Spain in the 70s, the country has had a stable two-party system made up of governments ruled either by the conservative PP or the socialist PSOE. In this election, two new parties, the centrist Ciudadanos (Citizens) Party and the socialist Podemos (We Can) Party gained several seats in Parliament and upended the country’s political system.
Having only secured 90 seats of 350 in Spain’s Parliament, Sunday’s election results were the worst-ever in the history of Spain’s Socialist PSOE. Nevertheless, PSOE leader Pedro Sánchez has stated that his party will vote against the nomination of current Spanish Prime Minister Mariano Rajoy to lead the next government of Spain.
The centrist Ciudadanos party which gained 40 seats will abstain to give the conservative PP a chance at forming a government. It is traditionally the case when there is a hung Parliament that the King of Spain will give the party with the most seats (in this case the conservative PP) the first chance at forming a government
If the conservatives fail in forming a government, the socialist PSOE will then probably attempt to form a government. In all likelihood the socialist PSOE would try to form a government with fellow socialists Podemos who gained 69 seats as well as several smaller parties.
Due to Spain’s political uncertainty, the country’s stock market dipped 3.6 percent today. Of all the Eurozone countries, Spain is one of the most economically troubled. Since 2009, Spain has experienced negative or no GDP growth until 2014 when the economy grew 1.4 percent.
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