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Spain's elections: a right turn?

The Popular Party's victory is more a victory for hoping the other guys can do better than a triumph of ideology
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Spain's new Prime Minister Mariano Rajoy was smiling last night. How long will that smile last, given the awesome scale of Spain's economic crisis? (Denis Doyle/AFP/Getty Images)

Madrid - Spain's right-wing Popular Party won an easy victory as expected yesterday. Mariano Rajoy, their leader, will become Prime Minister. The PP took 44 percent of the vote, the Socialists 29 percent and the rest was divided among smaller parties. So a landslide for the right, right?

But voters were not really turning rightwards, more likely they were looking heavenwards and hoping. This was very much an election about giving the "other guys" a chance rather than embracing a new political program.

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Merkel and Cameron meet: wonder what they will say

Britain wants Germany to loosen the apron strings around the European Central Bank,
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German Chancellor Angela Merkel and French President Nicolas Sarkozy are shown kissing in this advertisement. What are the chances of a photo of Merkel kissing David Cameron ever making it into a Benetton ad? (PATRICK KOVARIK/AFP/Getty Images)
Cameron and Merkel meet to discuss euro zone crisis
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Europe: the wisdom of markets?

When it comes to pricing sovereign debt, can anyone figure out what the bond markets are thinking?
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Campaigners for minority party Equo hold election rally on steps of Bank of Spain in Madrid. Despite likelihood of a right-wing government winning this weekend's elections bond markets drove Spanish 10-year bond yields to record highs today. (CRISTINA QUICLER/AFP/Getty Images)
Do bond markets know what they're doing?
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