Connect to share and comment

Spain likely to oust Socialist party in Sunday's election

Polls show opposition leader Mariano Rajoy is set to win biggest majority in almost three decades.

Spain economy eu 08 19 2011Enlarge
Visitors look at screens in Madrid's Stock Exchange on Aug. 4, 2011 in Madrid, Spain. (Javier Soriano/AFP/Getty Images)

Spaniards are expected to throw the Socialist party out of government in Sunday's election, reported Reuters. Spaniards blame the current government for the growing debt crisis.

According to Bloomberg BusinessWeek, polls are suggesting that Rajoy and the conservative People's Party may win up to 198 of the 350 seats in Spain's parliament, in what could be the largest majority Spain has seen since 1982.

The Socialist Party has been in power for the past eight years, presiding over the country's terrible economic downtown and record unemployment rate, reported CBCNews. The recent events are likely to be too much for Socialist party candidate Alfredo Perez Rubalcaba to overcome.

In a pre-election interview, AFP reported that Rajoy asked for the markets to give his government "more than a half hour" to address the soaring borrowing costs and risk premiums facing the country.

More from GlobalPost: Spain seeks lenders, finds few takers

According to the Los Angeles Times, the People's Party would inherit a country with an unemployment rate of more than 20 percent, a shaky banking system and growing doubts by international investors that Spain will be able to pay off its debt, as the European Union considers it too big to be bailed out.

The Times reported that Rajoy allegedly said the following about Spain's commitment to the Euro:

I believe in Europe. I believe in the euro project. I want to fulfill the tasks that we all need to do as members of the euro.

More from GlobalPost: Spain's brain drain pain: Young talent heads abroad for a better future

http://www.globalpost.com/dispatch/news/regions/europe/spain/111119/spain-likely-oust-socialist-party-sundays-election