Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Spain's ruling conservatives win election, short of majority

Published 12/20/2015, 02:31 PM
Updated 12/20/2015, 02:40 PM
© Reuters. Spain's Prime Minister and People's Party (PP) leader Mariano Rajoy gives a thumbs up during the final campaign rally for Spain's general election in Madrid

By Julien Toyer and Sonya Dowsett

MADRID (Reuters) - The People's Party (PP) of Prime Minister Mariano Rajoy won Spain's general election on Sunday, exit polls showed, although it will have to rely on other parties if it is to govern for another four-year term.

The PP is seen winning between 114 and 124 seats in the 350-strong parliament, 52 to 62 seats short of the 176 seats needed for an absolute majority.

That points to a stalemate that analysts agree would probably disrupt an economic reform program that has helped pull Spain - the fifth-largest economy in the 28-nation EU - out of recession and eroded a still sky-high unemployment rate.

The opposition Socialists are seen coming second with 79 to 85 seats while newcomer parties anti-austerity Podemos and liberal Ciudadanos would come third and fourth respectively.

Podemos would garner between 70 and 80 seats and Ciudadanos would win between 46 and 50 seats, the exit polls showed.

If confirmed, such results would give way to coalition-building talks that could go over many weeks as no easy pact appears in reach. The Spanish constitution does not set a specific deadline to form a government after the election.

Many potential outcomes are possible, including a center-right pact between the PP and Ciudadanos, a center-left alliance between the Socialists and Podemos, a minority administration or fresh elections.

Rajoy said on Wednesday he would consider a cross-party pact to ensure a stable administration over the next four years, but all the other main parties have come out against joining the PP in a coalition.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Ciudadanos and Podemos insiders say both parties are looking beyond Sunday's vote and aim to keep poaching voters from the PP and the Socialists, giving them no incentive to agree on a pact unless they win major concessions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.