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Sanchez Replaces Rajoy as Spain PM

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Spain has a new prime minister after a parliamentary vote Friday led to the ousting of incumbent Mariano Rajoy.

Speaking to the Spanish parliament just before the vote, Rajoy said he would accept the result and wanted to be the first to congratulate the leader of the opposition Socialist Party, Pedro Sanchez, as his successor.

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 benefiting from illegal kickbacks. That prompted Sanchez to push for a vote of no-confidence against Rajoy.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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