Courtesy of Mish.
Mariano Rajoy is headed for another term as Spanish prime minister following two inconclusive elections.
It’s been 10 months since Spain has had a government, but King Felipe asked Rajoy to try one more time while pressuring the socialists to support or abstain in a parliamentary procedure.
Abstain it is.
Bloomberg reports Rajoy Faces Vote This Week as He Moves to Reclaim Power in Spain.
Caretaker Prime Minister Mariano Rajoy will face a second confidence vote in the Spanish Parliament on Thursday, this time with the tacit support of his Socialist rivals, as he seeks to confirm his return to power.
Rajoy said that King Felipe has asked him to seek lawmakers’ backing at a meeting in Madrid Tuesday. Speaking at a press conference, Rajoy pledged to reach out to other parties as he aims to govern for the next four years, though his People’s Party has just 137 out of 350 deputies.
“I will focus on the issues that unite us, setting aside those which divide us, or making an effort to turn them into topics that don’t divide us any longer,” Rajoy said. “It’s obvious that we’re entering an era when it will be necessary to talk and negotiate. That’s what I’ll say during my investiture speech.”
Spain’s establishment parties are set to seal an unprecedented compromise to end a 10-month political stalemate which has included two elections since December and risked triggering European Union budget sanctions. The settlement between the two biggest groups in parliament will bring a measure of stability to Spain as the rest of the major euro economies face national votes over the next year.
Expect No Stability
Bloomberg has two key details wrong. First, Rajoy does not have the tacit “approval” of the PSOE socialists. Rather, the PSOE will abstain, under pressure, for political reasons.
Second, even with the help of Ciudadanos, a party that will begrudgingly enter a coalition with Rajoy’s PP party, Rajoy’s parliamentary math falls short of 50%, the essence of a minority government.
No End to Political Gridlock
