Spanish Voters Elect Conservative Party to Lead Gov't

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The financial crisis in Europe has claimed another government.

Voters in Spain booted the Socialist Party from power over the weekend and instead chose the conservative Popular Party in an overwhelming and historic victory in the general election.

The new conservative majority is so large, it won't have to rely on other parties to implement their policies. The Popular Party won 186 seats compared with 154 in the last legislature.

"There won't be any miracles. We never promised any," a triumphant Popular Party leader Mariano Rajoy said in his victory speech.

"But as we have said before, when things are done properly, the results come in," he added.

The Socialist Party is widely blamed for mishandling the economic crisis.

Spain has the highest unemployment rate in the eurozone, with almost 5 million people out of work.

The result and promised change in political direction failed to lift financial markets in Spain on Monday, with Madrid's key Ibex index down 1.2 percent in early trading.

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