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After the failed investiture of the candidate for prime minister of Spain, Pedro Sánchez, early this afternoon, the clock is ticking. Article 99.5 of the Spanish Constitution determines that "if within two months from the first investiture vote, no candidate has obtained the confidence of the Congress, the King shall dissolve both Houses and call for a new election with the endorsement of the president of the Congress".

Therefore, if the King does not propose a new PM candidate before the 23rd September, the monarch, with the agreement of the speaker of the Congress, Meritxell Batet, will dissolve the parliament the next day and a new election will be called for 47 days later, on Sunday 10th November. The third elections in one year. 

Pedro Sánchez and certain PSOE representatives have shown themselves more favourable to the calling of a new election than a second attempt at an investiture. The formula of the coalition government with Unidas Podemos was not to Pedro Sánchez's liking, and so, everything seems to indicate that he will not want to try that again. The lack of confidence between the two parties is now abysmal. On the other hand, the surveys used by PSOE show better prospects for them. However, the price Sánchez will have to pay for the failed negotiations with Pablo Iglesias remains to be seen. 

This is a repeat of what happened in 2016, after the failed investiture of Pedro Sánchez in March that year with the support of Ciudadanos. After two months without any candidate being successful, the Cortes were dissolved and elections called for the 26th June.