Spain’s Socialist Prime Minister, José Luis Rodríguez Zapatero has dissolved the parliament on Friday and announced an early election in November due to the forecast of Eurozone’s sovereign debt and banking crises in the country. The nation requires a capable government to overcome the situation.

The government has been efficiently working since May 2010 and has been fixing the troubles of Eurozone. But recently, it has been running short of streamline.

The Prime Minister has been unpopular among the voters due to signs of collapsing of Spain’s economy. He had announced in the month of April that he will not stand for the next elections.

Spain has been troubled by economic tension prevailing worldwide. The 10-year government bond yields of the country climbed more than 6% last week. The premium has gone up to 3.5%. The Eurozone policymakers will be blamed for it as they have not found any key to solve Greece’s debt problem.

Mr. Zapatero’s government has introduced long overdue changes to the Spanish financial sector and labour market which has turned out beneficial. He had also launched a programme to reduce deficit from 11% of gross domestic product in 2009 to 3% by 2013. However, a lot more of such programmes will be required.