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Free AccessGov't Negotiations Look Set To Drag On Through Summer At Least
Any prospect of a swift end to Spain's political paralysis following the inconclusive 23 July general election looks to have been shattered, with acting PM Pedro Sanchez set to wait until the second half of August to even begin negotiations over forming a gov't. These talks could come after the new parliament is established on 17 August according to EFE.
- The next important date will be in late August/early September, when King Felipe VI summons party leaders and proposes a candidate for an investiture vote in parliament.
- The first investiture vote requires a majority of 176 members in favour in the 350-seat Congress of Deputies. Given the parliamentary arithmetic, this appears unlikely. If the candidate fails in the first vote, a second takes place 48 hours later where a simple majority is required.
- For Sanchez and his centre-left PSOE , this is possible if he achieves the backing of almost all regionalist parties. Crucially he would need the support or abstention of the populist pro-Catalan independence Junts of exiled former Catalan president Carles Puigdemont. This could require notable concessions on amnesty for Puigdemont/a legal independence referendum. However, the PSOE have labelled both prospects red lines that cannot be crossed.
- If the candidate is rejected in both investiture votes this starts a two-month countdown for parties to reach an agreement and hold a successful investiture vote. If this cannot be achieved, snap elections are called.
To read the full story
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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.