Free Trial
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 counting of votes from Spaniards living abroad, which saw a single seat added to the total of the centre-right Popular Party (PP) at the expense of PM Pedro Sanchez's centre-left Spanish Socialist Workers' Party (PSOE), has made what was already a narrow path to Sanchez's investiture even more difficult. The two main blocs in the Congress of Deputies, the PP-led right-wing bloc and the PSOE-led leftist/regionalist bloc now both have exactly 171 seats.
- Following the convening of a new parliament on 17 August, King Felipe VI will have to put forwards a candidate for investiture as PM. The first vote requires an absolute majority (176 seats) in favour, which neither side can achieve. After 48 hours a second vote is held needing a simple majority. With both sides tied, Sanchez would require a deputy from the pro-independence Together for Catalonia (Junts) or the single-member Canarian Coalition to vote for him (rather than abstain) to exceed the right-wing bloc.
- Junts voted against Sanchez's investiture in 2019, and the party's demands on a Catalan independence referendum or former Catalan president Carles Puigdemont being allowed to return from exile in Belgium could prove too much for the PSOE to accept.
- Other regionalist parties are looking to encourage Junts to vote in Sanchez's favour, arguing that a snap election could see them lose even more support. All regionalist parties barring the pro-Basque independence EH Bildu lost seats in the 23 July vote.
Chart 1. Congress of Deputies and Potential Coalitions, Seats
Source: Congress of Deputies, 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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok