Spain’s debt crisis is worsening despite the weekend’s landslide election victory for the conservative People’s Party (PP). New prime minister Mariano Rajoy is powerless due to the long-winded, month-long process that will see him take control. At the worst possible moment, Spain is effectively leaderless.
Mariano Rajoy has been careful so far to manage expectations. He has warned the Spanish people repeatedly that he has no ‘magic wand’, with many key decisions having already been taken by the EU.
Nevertheless, many in Spain are glad that they have (so far) avoided the Italians’ fate. There is growing disquiet across Europe at the fact that an unelected goverment has been installed in a supposedly democratic Italy.