Spain looks to be on track to get a new prime minister today amid growing concerns the financial crisis in Europe will soon prove overwhelming for that nation as well. The country is currently led by Prime Minister Jose Luis Rodriguez Zapatero, who announced in April he would not seek a third term in office.
Zapatero's announcement left the field open for a new prime minister. His deputy, Alfredo Perez Rubalcaba, is running against Partido Popular candidate Mariano Rajoy. Worries about the impact of the European financial crisis on Spain are expected to sway the final vote in Rajoy's favor.
Here is some of the key information regarding Spain's elections and the impact of the European financial crisis.
* In polls conducted Saturday, Rajoy enjoyed a double-digit lead over Rubalcaba and is largely expected to sweep the election today.
* Zapatero and Rubalcaba are members of the Spanish Socialist Worker's Party. Much of the blame for Spain's current financial straits is being directly tied to the party's perceived mishandling of the debt crisis threatening to overwhelm the euro zone.
* Spain is suffering from skyrocketing unemployment woes, as well as its own challenging debt crisis. Unemployment in Spain is at 21.5 percent, with a 45 percent unemployment rate for younger citizens. Some 5 million people in the country are unemployed.
* Spain will most likely have to find its own way out of its financial situation since, like Italy, its economy is largely considered too big for the rest of the euro zone to be able to bail out should its predicament get worse. Spain is the euro zone's fourth-largest economy, while Italy is its third-largest.
* Spain is carrying less debt that many other European nations currently dealing with financial crises. The nation's debt load stands at 61 percent of its gross domestic product, below that even of euro zone powerhouse Germany. Yet it finds itself in financial danger anyways, as speculation of economic weakness continues to drive everything from debt to investment to government bonds.
* European Central Bank head Mario Draghi on Friday largely rejected increasing calls for the ECB to help stem the rising costs of borrowing for both Spain and Italy, saying that it was the priority of that institution to focus on price stability instead.
* This year marks Rajoy's third attempt to become prime minister of Spain. He previously ran against current Prime Minister Zapatero in 2004 and 2008. He was a cabinet minister in 1996 and 2004.
* While Rajoy is expected to handily win, his conservative People's Party is also expected to garner a clear majority as well, which would mean control of the Spanish government without necessarily having to negotiate measures or practices with members of the country's other political parties.
The Socialists, while seemingly resigned to the fact it will no longer occupy the prime minister's office, are still seeking to prevent the PP from having a majority.
yahoo.com
Zapatero's announcement left the field open for a new prime minister. His deputy, Alfredo Perez Rubalcaba, is running against Partido Popular candidate Mariano Rajoy. Worries about the impact of the European financial crisis on Spain are expected to sway the final vote in Rajoy's favor.
Here is some of the key information regarding Spain's elections and the impact of the European financial crisis.
* In polls conducted Saturday, Rajoy enjoyed a double-digit lead over Rubalcaba and is largely expected to sweep the election today.
* Zapatero and Rubalcaba are members of the Spanish Socialist Worker's Party. Much of the blame for Spain's current financial straits is being directly tied to the party's perceived mishandling of the debt crisis threatening to overwhelm the euro zone.
* Spain is suffering from skyrocketing unemployment woes, as well as its own challenging debt crisis. Unemployment in Spain is at 21.5 percent, with a 45 percent unemployment rate for younger citizens. Some 5 million people in the country are unemployed.
* Spain will most likely have to find its own way out of its financial situation since, like Italy, its economy is largely considered too big for the rest of the euro zone to be able to bail out should its predicament get worse. Spain is the euro zone's fourth-largest economy, while Italy is its third-largest.
* Spain is carrying less debt that many other European nations currently dealing with financial crises. The nation's debt load stands at 61 percent of its gross domestic product, below that even of euro zone powerhouse Germany. Yet it finds itself in financial danger anyways, as speculation of economic weakness continues to drive everything from debt to investment to government bonds.
* European Central Bank head Mario Draghi on Friday largely rejected increasing calls for the ECB to help stem the rising costs of borrowing for both Spain and Italy, saying that it was the priority of that institution to focus on price stability instead.
* This year marks Rajoy's third attempt to become prime minister of Spain. He previously ran against current Prime Minister Zapatero in 2004 and 2008. He was a cabinet minister in 1996 and 2004.
* While Rajoy is expected to handily win, his conservative People's Party is also expected to garner a clear majority as well, which would mean control of the Spanish government without necessarily having to negotiate measures or practices with members of the country's other political parties.
The Socialists, while seemingly resigned to the fact it will no longer occupy the prime minister's office, are still seeking to prevent the PP from having a majority.
yahoo.com
No comments:
Post a Comment