adminyesterday as investors pounded Spanish stocks and debt.
Conservative leader Mariano Rajoy’s Popular Party won by its biggest margin ever in Sunday’s election after promising to ease Spain’s 21,5-percent jobless rate and rescue it from the eurozone debt crisis.
His scorching triumph sparked street celebrations by voters desperate for relief from Spain’s economic pain.
But the party did not last long. Spain’s borrowing costs rose as the investors who help finance the eurozone’s fourth largest economy day-to-day appeared to take no comfort from Rajoy’s victory.
Spanish stocks slumped, too.
Analysts warned that the European Central Bank or international emergency lenders may be the only ones able to settle the crisis of confidence in Spain and Italy, another vulnerable eurozone economy.
Spaniards had turned in huge numbers to the conservatives and their promise of change to fix the stalled economy after more than seven years of Socialist rule.
Rajoy’s party won 44,62 percent of the vote and an absolute majority with 186 seats in the 350-seat lower house of parliament in Spain.
Investors now want to hear details of Rajoy’s economic plan, which he spoke of only in general terms during the campaign.
Celebrating his victory on Sunday, he vowed to lead a ‘battle against the crisis” but warned there would be no “miracles” and the road ahead would be hard. – AFP.
Online Reporter