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00:00:00
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APPLAUSE
>> After more than six years in power, Spanish Prime Minister Mariano Rajoy has been voted out of office.>> It has been an honor to have been Spain's Prime Minister.>> The center-right Rajoy lost a no confidence motion on Friday triggered by a long running corruption trial involving members of his party.
00:00:22
He's being replaced by socialist leader, Pedro Sanchez. Sanchez managed to secure the backing of six smaller parties for the motion on Thursday, giving him the majority he needed to take over as Premier. Sanchez was put in charge of the socialists four years ago in a temporary role. Reuters' Julian Toyer in Madrid says it was while other party members didn't want to fight for the leadership.
00:00:46
>> By the time they had resolved their differences, then Pedro Sanchez had tightened his grip on the party and pretty much the same happened on national politics. Nobody actually had put a cent on Pedro Sanchez over the last two years. His opinion polls were really bad, and it's a bit of a surprise now that he's managed to make to the top of Spanish politics.
00:01:11
>> Rajoy's position had become increasingly untenable. Undermined by his status as head of a corruption tinged minority government, as well as a divisive independent strive in the wealthy region of Catalonia. The new administration may struggle to pass legislation though, with Sanchez facing the most splintered Spanish Parliament in more the 40 years.
00:01:33
>> Only 84 members of Parliament will actively back his government out of his 350 strong chamber. But it will be a government very hard to topple because opposition parties will have to make a big coalition in order to table a new motion of no confidence.>> Markets reacting calmly, however, the coalition seen as reliably pro-EU, meaning there's no echo of the worries over Italy, where Euroskeptics are set to take over.