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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
Leader of the centre-right Popular Party (PP) Alberto Núñez Feijóo has been offered the first opportunity to hold a prime ministerial investiture vote in parliament following talks between King Felipe VI and party leaders on 21/22 August. While Feijóo is not expected to be able to cobble together enough support in either investiture vote (176 required in the first, a simple majority in the second held 48 hours later), a communique from the Palace of Zarzuela stated that it was 'customary' for the leader of the largest political group in the Congress of Deputies to be offered the first investiture vote.
- The investiture vote is likely to take place next week. Barring an unexpected change in support by the regionalist Basque Nationalist Party (EAJ-PNV) it appears that Feijóo will fall short of the required votes.
- Once the first vote takes place a two-month countdown begins. If no candidate can win an investiture vote within that timeline new elections are called. These elections have to be held within 47 days, making a December election a potential outcome.
- Acting PM Pedro Sanchez would likely receive the King's next offer of an investiture vote should Feijóo be unsuccessful. While gaining requisite support to elect a speaker from his centre-left PSOE last week, it is unclear if the Catalan separatist Junts would back Sanchez in an investiture vote without concrete promises of amnesties for around 4,000 accused of being involved in the illegal 2017 independence referendum, as well as a legal referendum on self-determination.
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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