Spanish Prime Minister Jose Luis Rodriguez Zapatero announced an early general election in November, four months early than scheduled, looking to capitalise on a slight upturn in opinion poll ratings. “I believe the moment has arrived to announce a general election … which will be held on November 20,” Zapatero told a news conference on Friday. Political commentators had widely speculated that the Socialists could take advantage of improved poll ratings and an uptick in summer employment data to call an early election.
The conservative opposition under Mariano Rajoy is widely expected to win the vote, but analysts say the only question is by what margin. Spanish debt has been in the firing line in financial markets on the heels of a review for a possible downgrade from credit rating agency Moody’s, which cited weak growth and out of control regional spending as key challenges for the euro zone’s fourth largest economy.
