Weekly Report - 24 November 2011 (WR-11-47)

Mariano Rajoy’s right-wing Partido Popular (PP) swept to power in Spain on the back of a huge majority in general elections on 20 November. Beyond the obvious cultural and linguistic links, Spain is highly significant for Latin America (and vice versa) because of the strong presence of Spanish companies in the region, direct investment and the large number of Latin American immigrants living in Spain sending remittances back home. Spain, however, follows closely behind Greece, Ireland and Italy in any discussion of the Eurozone economic crisis, with high debts and unemployment and zero growth. As such Europe will clearly be Rajoy’s priority, although he was keen to stress that Latin America was a close second, if only because he is looking abroad, to conquer new markets, to help Spain recover from its economic woes.

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