International

Spain's parliament ousted Prime Minister Mariano Rajoy on Friday in a no-confidence vote, paving the way for a takeover by opposition leader Pedro Sanchez.

This is the first time a head of government has been ousted since Spain transitioned to democracy in 1977.

Spanish Prime Minister Mariano Rajoy admitted defeat ahead of a no-confidence vote saying it had been "an honour" to serve the country.

Sanchez's party filed the motion on May 25, a day after 29 people linked to Rajoy's People Party (PP) were convicted of crimes, including embezzlement and money laundering, after a long-running corruption trial.

This situation could trigger a second political crisis in southern Europe, further unnerving financial markets already wrongfooted by delay in formation a government in Italy three months after a national election.