After Sunday’s election, neither the conservative People’s Party nor the governing Spanish Socialist Workers’ Party are likely to have enough support to rule. Months of gridlock could ensue, delaying necessary economic reforms. Alberto Núñez Feijóo, the leader of PP, got the most votes. But he could shorten the pain by declining to form a government, paving the way for another poll in the autumn.
“El Gobierno, en el aire” – “The government, up in the air”. Monday’s front page of El Pais newspaper said it best. The snap election called by left-wing Prime Minister Pedro Sánchez in Mayto deliver either bloc the 176 parliamentary seats needed to govern. After going to the polls in searing heat, Spanish voters gave a centre-right PP-led coalition a maximum of 169 parliamentary seats even if it forms a controversial alliance with the far-right Vox party.
Investors seem confused by the outcome. They sent Spanish shares lower on Monday morning but yields on 10-year government bonds also fell. The best way to cut short the political gridlock – and get on with tackling Spain’s unemployment and shaky public finances – will be for Feijóo to refuse King Felipe VI’s offer to form a government, as his predecessor Mariano Rajoy did in 2015.
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