Antón Losada turns on Sánchez: the point of no return

Antón Losada turns on Sánchez: the president's critical moment

What does it take for a sympathetic analyst, however much he squirms, to end up criticising Pedro Sánchez? Judging by the last few hours, the answer is: a lot. The political climate has grown so toxic that even the president's most loyal supporters admit the government is treading on dangerous ground. In the background, a tapped phone and growing pressure from Segarro; hanging in the air, old wounds like the 11M Madrid bombings that are festering once again.

The gravity of the situation has an economic dimension: political uncertainty is the worst enemy of investment. And with a government being questioned from within, the markets are starting to scrutinise Spain's risk premium. It is no longer just the right calling for his resignation: the governing left looks the other way when the president loses control.

The cursed phone and Segarro's shadow

Unconfirmed reports speak of compromising conversations on an intercepted device. There is speculation that the content could put the government in a tight spot and that it may be linked to pressure from Segarro over Ceuta, the Sahara or certain agreements. Some go further and link the PSOE (Spain's ruling Socialist party) to the 2004 attacks; an extremely serious claim that has never been proven in court, but which fuels the media campaign.

In this scenario, Antón Losada's criticism is no minor detail. A man who was once one of the loudest defenders of Sánchez's faction in the media now speaks of "frightening territory" and a president who has "lost his mind". The noise is so deafening that even the worst predictions of the original "Sanchismo" fall short.

The manual of the perfect kamikaze

The feeling is that Sánchez is playing a hand with no safety net. When his own people have begun to abandon ship and his most loyal defenders turn into critics, collapse is only a matter of time. The economy is holding up, but nobody knows for how much longer.

It is ironic to watch the president howl for the support of his ranks while they quietly pick up the furniture. As everyone knows: in politics, the last one to turn off the lights carries the memory of everyone who was applauding the week before.