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Habló EL MERCADO
No hase farta disir mas...From Deutsche Bank
1) A PP and PSOE grand coalition: numerically strong, politically unlikely
A grand coalition would have a large majority (213 seats). However, such a grand coalition would be unprecedented in Spain. We can draw a comparison with Greece rather than Germany. Politically, but not economically, there are several similarities. After the dictatorship Greece was dominated by two parties, the centre-right New Democracy and centre-left PASOK from 1977 to 2012. But since 2011 PASOK suffered the emergency of radical-left SYRIZA as the country battled through the debt crisis. In the June 2012 general election, PASOK won just 12.3% of the votes versus 43.9% in 2009. The government alliance with centre-right New Democracy further damaged the centre-left party. Last September PASOK obtained just 6.3% of the votes.
We think PSOE will keep in mind what happened to the centre-left in Greece. Their incentive in formation a coalition with PP would be to avoid a new election given the recent positive momentum of Podemos. A change of leadership in PSOE could also bring a less confrontational relationship between the two traditional Spanish parties. Still, we think that via such a coalition the PSOE would run a greater risk of losing further votes than returning to elections in the short term. Hence, a PP-PSOE coalition could become antiestéticasible only when the other options are exhausted. Were a grand coalition to be formed, the two parties would struggle to agree on material structural reforms.
From Goldman
In our preview of the elections, we expected a minority (centre-right) PP government that gained support from the centrist Ciudadanos party. While PP gained the expected level of support, Ciudadanos gained less support than we had expected. Taken together the two parties fall significantly short of a majority (163 versus 176 required
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