Home/FX/Newsfeed

Spanish King Dissolves Parliament Calls for Elections

Share Print 0

Spain’s King Felipe dissolved parliament on Tuesday and called a parliamentary election for June 26, the second in six months after an inconclusive ballot in late 2015 left its political landscape fragmented.

The new ballot follows four months of fruitless coalition talks between Spain’s four main parties, including the conservative People’s Party (PP) of acting prime minister Mariano Rajoy, which won the most votes in December but lost its majority.

“Let’s hope we’ve all learned our lesson and that the next parliament reaches an agreement (on forming a government) as soon as possible,” speaker Patxi Lopez told a news conference, confirming the king had signed the election decree.

Conducted against a backdrop of economic hardship and with a political elite tainted by corruption claims, the previous election marked the end of the dominance of the two traditional parties, the PP and the Socialists, that have governed Spain since its transition back to democracy in the mid-1970s.

Their power base was eroded by the emergence of two newcomers, anti-austerity Podemos (“We Can”) and centrist Ciudadanos (‘Citizens’).

During a series of negotiations, the quartet of party leaders failed to bridge significant policy gaps, including how to manage the economy and how much autonomy to grant regional powerhouse Catalonia.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top