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Podemos could end Popular Party's reign in Spain

Thursday, January 15, 2015

Subject

Podemos party prospects.

Significance

While it is too early to judge the ability of Podemos to win the general election in November, it is likely to be centrally involved in challenges to incumbent parties in cities such as Madrid and Barcelona in May and will be a key factor in deciding whether the Popular Party (PP) remains in office nationally. Its evolution is being observed closely by international financial centres and EU leaders, owing to the radical promises it is voicing for debt restructuring and rejecting the euro-area austerity strategy.

Impacts

  • The rise of Podemos is part of a wider movement challenging the traditional pattern of two-party dominance and top-down politics in Spain.
  • The election battles of this year will be decisive for the PSOE, which faces a stiff contest with Podemos for ascendancy on the left.
  • PP re-election or a PSOE victory would promise substantial continuity in economic policy.
  • By contrast, Podemos would make radical policy changes, despite recent compromises on some proposals.
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