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Spain Poised For No Confidence Vote on Friday

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Spain is the next country set to test the resilience of southern Europe, after recent political convulsions in Italy battered global financial markets.

Unlike Rome’s power struggle, where markets were fearful a fresh election could be framed as a de facto referendum on Italy’s role in Europe, Spain’s political drama hinges on a no-confidence vote for Prime Minister Mariano Rajoy.

Last week, a long-running corruption trial — known as the Gurtel case — found dozens of people linked to Rajoy’s governing People’s Party (PP) guilty of benefitting from illegal kickbacks. That prompted socialist leader Pedro Sanchez to push for a vote of no-confidence against the incumbent.

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Former Craig

Former Craig

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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