Spanish PM to Face Vote of Confidence

Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his center-right People’s Party (PP) threatened his six-year rule.

Spain’s parliament agreed on Monday that the debate and vote would take place on Thursday and Friday, although the opposition Socialists who proposed the vote may struggle to garner enough support in the fragmented legislature to unseat Rajoy.



Opposition parties are taking advantage of Rajoy’s weakness after 29 people linked to the PP were convicted last Thursday of crimes including influence-peddling and falsifying accounts, in the culmination of a long-running corruption trial.

The PP has closed ranks behind Rajoy, who said on Friday he intended to serve out his four-year term and that the corruption convictions did not affect a single member of his government. The 63-year-old survived a no-confidence vote last June.

via CNBC

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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