Spain’s Government becomes the latest victim of the Euro Crises

Euro_crisisSpain’s ruling party, the Socialists became the fifth government to be thrown out of power when it suffered a crushing defeat in the elections as voters punished them for economic crises of the country.

The opposition, Centre-right People’s Party led by Mariano Rajoy won a landslide victory and achieved absolute parliamentary majority in the Sunday’s election as he is widely expected to push through drastic measures to try to prevent Spain being sucked deeper into a debt crisis threatening the whole euro zone. Voters vented their rage on the Socialists, for the economic crisesas 5 million people are out of work making it the European Union’s highest jobless rate. The country is heading into its second recession in four years.

The PP took 186 seats in the 350-seat lower house, according to official results with 99.95 percent of the vote counted. The Socialists slumped to 111 seats from 169 in the outgoing parliament, their worst showing in 30 years.

Many leftist voters are concerned Rajoy will cut back Spain’s treasured national health and education systems. Rajoy has been wary about exactly where he will cut public spending, but he has pledged to meet the country’s target to lower its public deficit to 4.4 percent of economic output next year, which implies drastic measures.

But he risks pushing Spain back into its second recession in four years and provoking massive street protests.

Spain’s Government becomes the latest victim of the Euro Crises

Report by Adhir Roy Chowdury