A political advancement for the leader of debt-hobbled Spain drove up the value of the shared currency of the European Union on Monday, according to Reuters.
The People's Party, to which Prime Minister Mariano Rajoy belongs, won three additional seats in Rajoy's home region of Galicia, Bloomberg reports. The Iberian nation's leadership is now viewed as having won the political capital to move forward with an international bailout request to confront the sovereign debt crisis' attacks on its banking sector.
"The steps that we have explained have to be taken to resolve the crisis have had overwhelming support," party campaign chief Carlos Floriano with the People's Party said during an interview with public broadcaster Radio Nacional de Espana, according to Bloomberg. "There is no precedent in this crisis situation of a government not just defending but increasing its majority."
The 17-nation monetary unit also drove higher after a European Central Bank executive board member said the bank will support the euro however it can, underscoring the same assertion stated in August by the president of the ECB.
The People's Party won 41 of 75 seats in the regional assembly during this past weekend's vote, Bloomberg reports.
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