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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SPAIN
The debate within the Congress of Deputies on the investiture of centre-right People's Party (PP) leader Alberto Núñez Feijóo as Spain's next PM is set to conclude shortly ahead of the first vote. In the initial ballot Feijóo requires an absolute majority (176 of the 350 deputies) to win. Barring any unexpected developments he will fall short of this.
- The 137 PP members will be joined by the 33 right-wing nationalist Vox party deputies, and one each from the Navarrese Popular Union (UPN) and the Canarian Coalition (CC), amounting to 172. The opposition bloc, including the Catalan separatist Junts per Catalunya, totals 178 deputies.
- Following this there is a a break of 48 hours until another vote on 29 September. In that vote Feijóo would require a simple majority (more yeas than nays). A repeat of the 172-178 split against Feijóo is likely.
- After Feijóo's investiture votes, acting PM Pedro Sanchez from the centre-left Spanish Socialist Workers' Party (PSOE) is likely to be put forward for his own vote by King Felipe VI. It is looking increasingly likely that Sanchez will offer Junts their key demand - amnesty for those prosecuted for sedition - in order to gain their support. This would be enough to push Sanchez over the majority threshold.
- However, the gov't would prove very unstable, with many in his PSOE wary - or even outright opposed - to offering concessions to Catalan separatists. Mass protests have already taken place in Madrid in a sign of public anger towards the prospect of amnesty.
Chart 1. Congress of Deputies, Seats
Source: congresso.es, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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