• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
LeadershipSpain

Spain’s Prime Minister Was Just Ousted, Fueling Even More Uncertainty in Europe

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
June 1, 2018, 6:10 AM ET
Prime Minister Mariano Rajoy And Partido Popular of Catalonia Party Leader Xavier Garcia Albiol Political Rally Ahead Of Elections
Mariano Rajoy Photographer: Angel Garcia/BloombergAngel Garcia—Bloomberg

Spanish Prime Minister Mariano Rajoy was defeated Friday, overwhelmed by the drumbeat of corruption revelations that has grown throughout his seven years in office.

Rajoy, 63, was ousted by a no-confidence vote in Parliament after the anti-establishment group Podemos and Catalan separatist groups lined up behind Socialist leader Pedro Sanchez. Sanchez is due to be sworn in as premier by King Felipe in the coming days.

In a brief speech to parliament before the vote, Rajoy accepted defeat and wished his successor well. “I will accept as a democrat the result of the vote as it is well-known,” Rajoy said. “I can’t agree with what has been done.”

Elected by a landslide in 2011 as Spain’s property crash spiraled into a full-blown financial crash, Rajoy took a European bailout to fix the country’s banking system and laid the foundations for an economic rebound that’s now in its fifth year.

Catalans and Corruption

But the seeds of his demise were there from the start. His 2010 legal challenge to new powers for the Catalan government triggered a resurgence in separatism that would fatally damage his authority seven years later when the region threatened to break away from Spain. And prosecutors were already investigating the PP corruption racket that ultimately forced him out.

“He leaves Spain with a more divided society and a political culture that has suffered great damage,” Alejandro Quiroga, professor of Spanish history at Newcastle University, England, said. “The corruption has been brutal.”

Rajoy is the last of a generation of conservative politicians who shaped modern Spain for good and ill. He was at Jose Maria Aznar’s side as the PP’s first prime minister fanned the second economic boom since Spain’s return to democracy in in 1978.

Rajoy served as minister of public administration, then education, interior and eventually deputy prime minister. In 2003, Aznar handed over to him as party leader. According to a verdict by the National Court last week, officials at party HQ in Madrid were already taking kickbacks from companies seeking public contracts.

‘M. Rajoy’

Since those days, Rajoy has survived two election defeats as party leader, an EU rescue and even a helicopter crash. But the specter of corruption was creeping closer.

In 2013, El País newspaper published ledgers from a secret party slush fund that showed regular payments to “M. Rajoy.” El Mundo printed text messages in which the prime minister promised to do whatever he could to help former party treasurer Luis Barcenas, who was caught up in the corruption probe. Rajoy denied any wrongdoing.

In 2014 he apologized in parliament for what he recognized then was an “accumulation of scandals.” His colleagues from the Aznar government helped fuel the perception of a party gone rotten.

Former Finance Minister Rodrigo Rato was handed a jail term for the misuse of corporate credit cards while leading Bankia SA to the brink of a collapse that forced the government to seek 41 billion euros ($48 billion) in European bailout funds. Aznar’s former Labor Minister Eduardo Zaplana was arrested this month on money laundering and bribery charges. His family has said he’s done nothing wrong.

Minority Government

Stripped of his majority in 2015, Rajoy refused to step aside in favor of a less divisive candidate, and eventually reclaimed power after a 10-month standoff and a repeat election, albeit at the head of a fragile minority government.

Any chance of a broader resurgence was cut short by former Catalan President Carles Puigdemont’s declaration of independence last October. While the break away attempt foundered, voters identified the Ciudadanos party as a more capable defender of national unity and the PP slipped behind in the polls.

Rajoy still managed to steer the delayed 2018 budget through parliament last week, apparently clearing a path to preside over two more years of economic growth.

When his luck changed, it did so quickly.

Swift End

The National Court handed down a string of dramatic sentences against former PP officials including Barcenas who was sent to jail for 33 years for his part in the PP racket — and the judges said they didn’t believe Rajoy’s testimony in which he said he had no knowledge of the operation.

The ethics of the prime minister and his party were back in center stage. Sanchez filed his no-confidence motion. The corruption that had dogged Rajoy’s premiership finally brought about his downfall, though the Catalans took relish as they got to wield the knife.

“This shows that you can’t govern Spain against the will of the Catalans,” separatist lawmaker Carles Campuzano told parliament. “We’re voting in favor of this motion to bring an end to the Mariano Rajoy era.”

About the Author
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

Xbox CEO Asha Sharma
SuccessCareers
Xbox’s CEO spent her early career taking out trash and selling coupon books—she says the secret to her rise was never obsessing over a dream career
By Preston ForeJune 10, 2026
1 hour ago
Boris Cherny, Head of Claude Code
SuccessHiring
The architect behind Claude Code reveals the three things Anthropic looks for in a good hire—and why people with low ego are a must
By Emma BurleighJune 10, 2026
2 hours ago
Meryl Streep says she was ‘ready to retire’ when the call for ‘Devil Wears Prada 2’ came—so she demanded they double her salary or nothing
SuccessThe Promotion Playbook
Meryl Streep says she was ‘ready to retire’ when the call for ‘Devil Wears Prada 2’ came—so she demanded they double her salary or nothing
By Orianna Rosa RoyleJune 10, 2026
2 hours ago
knicks
SuccessNew York
‘Knicks in 6. 2026 NBA Finals’: Why did this New Yorker make a prophecy in his 2020 high school yearbook?
By Philip Marcelo and The Associated PressJune 10, 2026
3 hours ago
platner
PoliticsElections
Graham Platner easily prevails over attempts to derail progressive Senate candidacy in Maine
By Patrick Whittle, Kimberlee Kruesi and The Associated PressJune 10, 2026
3 hours ago
Businesswoman working at desk with laptop and documents in office
NewslettersCFO Daily
Finance teams can’t quit Excel. Workday wants to change that with AI
By Sheryl EstradaJune 10, 2026
4 hours ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
24 hours ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Current price of silver as of Tuesday, June 9, 2026
Personal Finance
Current price of silver as of Tuesday, June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
Investing
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
By Eva RoytburgJune 9, 2026
19 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.