Socialist Pedro Sanchez took over as Spain's prime minister on Friday, after outgoing leader Mariano Rajoy lost a parliamentary confidence vote triggered by a long-running corruption trial involving members of his centre-right party. Socialist party head Sanchez becomes Spain's seventh Prime Minister since its return to democracy in the late 1970s following the dictatorship of Francisco Franco. With most Spanish parties and Sanchez himself being pro-European, investors however see less broader political risk there than in Italy. Many observers said Sanchez was in any case unlikely to call any vote until after European, local and regional elections take place in May next year. Market-friendly Ciudadanos, leading in the national opinion polls, was the only major party that supported Rajoy.

Source: dna June 01, 2018 09:56 UTC