A victory may give Rajoy's ruling People's Party some breathing room despite the rising protests -- Spain's national unions are calling for a strike on Nov 14. Basque separatism is no surprise. And Spain will likely do what is necessary to get ECB help in Nov. A bailout, however qualified, would calm the extreme fears about Europe breaking apart. Greece is being given time, and a growth focus is rising on the agenda. Things are progressing in Europe.
It's not often that the Spanish province of Glaicia becomes the focus for global investors, but such is the interest in how the severe austerity is playing out politically, even for a PM without national elections on the near-term horizon. Early exit polls give Rajoy's centre-right party the lead.
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