Rajoy Victory in Spanish Vote Would Mean More Austerity

Spain’s opposition People’s Party pledged to restore investor trust in the euro area’s fourth-biggest economy by imposing more spending cuts if it wins early elections in November.

With Europe’s debt crisis lapping at Spanish shores, the People’s Party led by Mariano Rajoy, 56, is set to campaign on the extra steps it says are needed to kick-start growth and slash unemployment of more than 20 percent. The PP is holding out the prospect of more austerity after the Nov. 20 election as it bids to repeat the trouncing it gave Prime Minister Jose Luis Rodriguez Zapatero’s Socialist Party at local polls in May.