Spanish leftists' fate tied to Greece's Syriza: analysts

Despite economic problems in Spain, anti-austerity Podemos challengers will have to form a coalition after December elections, experts claim.

Spanish leftists' fate tied to Greece's Syriza: analysts
World Bulletin / News Desk
As Greeks embrace the left after years of economic hardship, analysts are now looking at another struggling European country which could deliver an anti-austerity government this year: Spain.

However, Spain's left-wing Podemos (‘We Can’) party will not win the country’s December 2015 elections as emphatically as Greece's Syriza did last month, one analyst tells The Anadolu Agency.

The popular movement-turned-political party was formed in January this year by former political science lecturer at Madrid University, Pablo Iglesias.

Now, Brian Lawson, an economic and political expert with London-based IHS Global Insight, said Podemos – which was only founded in 2014 – would have to form a coalition even if it came first in the elections.

Comparing Podemos to Syriza, Lawson said the Spanish party was inexperienced and the country’s economy was different to that of Greece: "Spain is far away from economic deterioration," he said.

Spain will not go into default, banking profits will increase and the growth in the country is positive, Lawson added.

Opinion polls have revealed that Podemos has garnered key support, but the ruling center-right People's Party could take advantage of strong growth and increasing employment in the country, Lawson stated.

If Podemos takes power, it has to form a coalition by agreeing with the Socialist Workers' Party and People's Party, which Lawson said could endanger political stability in the country.

Lawson also said domestic corruption scandals would cause a loss in support for the People's Party. 

Syriza failure would 'impact Podemos'

Christian Schulz, a senior economist at Hamburg-based Berenberg, said Podemos could achieve a good result in the elections but attached their potential to the success of Syriza as the Greek leftists adjust to being in power.

"Podemos will not have a chance if Greece quits the eurozone and confronts economic catastrophes," said Schulz.

Schulz also said the failure of Syriza to meet its promises would negatively impact the potential vote for Podemos, adding that the left-wing party would only see an advantage if Syriza met with success after implementing the policies it pledged.

Berenberg chief economist, Holger Schmieding, said there was speed to economic growth and employment in Spain.

Leading indications point to stronger growth in the country, which Schmieding said would not pave the way for Podemos to garner a political majority.

Syriza is known to be a close ally of Podemos, with both parties winning public support following the heavy economic crises that hit the eurozone, especially Greece and Spain, since 2008.

Güncelleme Tarihi: 04 Şubat 2015, 14:14