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The Rain in Spain

November 21, 2011

Spanish voters elected conservative Mariano Rajoy of the People’s party to be the next Prime Minister in yesterday’s election.  Rajoy will face major challenges with the Spanish economy being in dire straits. Now the country will enter a month of economic purgatory until the Prime Minister elect will officially enter the office. It is going to take a small miracle to maintain a balance of austerity measures that will keep the likes of Angela Merkel happy while cutting down the highest unemployment rate in Europe at 21%. If Rajoy does not rise to these challenges could he be the next leader of PIIGS to be replaced with a technocrat? Italy and Spain are much bigger fish than Greece and they could be the real battleground concerning the future of the eurozone.

Mariano Rajoy

 

The economy will not be the only unique challenge that Rajoy faces. He will also be dealing with an unarmed ETA who will want to negotiate and push for more Basque autonomy. This will be another balancing act as many Spaniards do not trust ETA and still consider them as terrorists. The movement of many prisoners closer to the Basque country is going to be a likely demand, whether Rajoy will be receptive to speaking with ETA remains to be seen.

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