Corruption investigations into Spain’s governing PSOE party and figures close to Pedro Sánchez, including raids on party headquarters in May 2026 and charges against his wife, triggered opposition demands for resignation and a non-binding parliamentary resolution in June urging him to step down. Sánchez has remained in office, rejecting snap elections while managing domestic crises such as wildfires and migration pressures at Ceuta. His minority coalition government depends on external support from regional parties, faces repeated regional election losses signaling a rightward shift, and confronts calls for a confidence vote that the fragmented opposition has not yet pursued. The next scheduled general election is due no later than August 2027, with traders assigning limited probability of an earlier exit amid these dynamics.