Spain's ruling Socialist party is licking its political wounds, after voters punished the government of Prime Minister Jose Luis Rodriguez Zapatero in local and regional elections.
The Spanish prime minister wanted to maintain a robust welfare state while handling the demands of the global economy. His decision to abandon the former in favour of the latter goes a long way to explaining the Socialists' local election disaster
A crushing defeat for the ruling Socialist Party in regional elections over the weekend has thrust the bond market's attentions back on Spain, but market participants say it might be too early to press the alarm button.
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