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Sanchez Replaces Rajoy as Spain PM

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Spain has a new prime minister after a parliamentary vote Friday led to the ousting of incumbent Mariano Rajoy.

Speaking to the Spanish parliament just before the vote, Rajoy said he would accept the result and wanted to be the first to congratulate the leader of the opposition Socialist Party, Pedro Sanchez, as his successor.

A long-running corruption trial — known as the Gurtel case — found dozens of people linked to Rajoy’s governing People’s Party (PP) guilty of benefiting from illegal kickbacks. That prompted Sanchez to push for a vote of no-confidence against Rajoy.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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