Continuing the gigantic, anti-incumbency wave that’s sweeping the globe, Spain’s ruling socialist party is getting trounced across the country in municipal elections.Early results show the conservative People’s Party garnering 35% of votes vs. 28% for the socialists.
The election comes amid economic woe, and a shocking rise of youth protests in Madrid that have turned it into the new Tahrir Square.
Rising political anger — combined with the fact that new elections will probably reveal untolds more in debt than had previously been reported — have sent Spanish bond yields soaring again, just as Greece looks like it’s about to crack up the eurozone all over again.
The incredible failure of incumbent governments has been on display everywhere from Democrats in 2010, to Finnish rulers this year, and even a shockingly weak result for the ruling party in Singapore just recently.
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