Sanchez Claims Gibraltar Win, But Still Faces Political Weakness
(Bloomberg) -- Pedro Sanchez's Brexit brinkmanship has made him look statesmanlike as the Spanish prime minister claimed the centuries-old spat with the U.K. over Gibraltar could be resolved in Spain's favor.
Britain's last-minute gesture to meet Spanish demands may give his Socialist party a boost as it prepares to fight regional elections on Dec. 2 in Andalusia, a key power base. But will it actually make his minority government stronger and more able to pass key legislation? Probably not, according to a political-risk analyst at advisory firm Teneo Intelligence.
“The Gibraltar issue is always there, but it's not central to the political debate,” said Antonio Barroso at Teneo in London. “None of this is going to make it any easier for Sanchez to actually govern.”
Sanchez, who is struggling domestically, played up the importance of the deal reached on the terms for future talks on Gibraltar when he addressed Spaniards on Saturday. He said the European Union has strengthened Spain's hand in any negotiations, including the subject of co-sovereignty.
“We've reached a historic accord,” Sanchez tweeted. “Europe and the U.K. have accepted our demands.”
His comments about furthering Spain's claim to the Rock will certainly bolster Sanchez, the leader of a minority government with just 84 deputies in the country's 350-seat parliament.
“I think he can claim this as a political victory because he has promoted Spain's interests in an issue of national importance that is Gibraltar,” Barroso said by phone.
Still, it will still be hard for him to get laws passed, such as his budget for 2019, Barroso said. Sanchez has also hinted that he may have to call general elections if Parliament maintains its blockade of key legislation, such as the spending plan.
--With assistance from Macarena Munoz.
To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net
To contact the editors responsible for this story: Vidya Root at vroot@bloomberg.net, Nicholas Larkin, Andrew Blackman
©2018 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
