Conservative Popular Party candidate Mariano Rajoy waves after winning the general elections in Madrid, Sunday, Nov, 20, 2011. (AP Photo/Paul White)
Conservative Popular Party candidate Mariano Rajoy waves after winning the general elections in Madrid, Sunday, Nov, 20, 2011. (AP Photo/Paul White)
Conservative Popular Party candidate Mariano Rajoy reacts next to his wife Elvira Fernandez Balboa, left, and the secretary general of the party Maria Dolores de Cospedal, right, as they celebrate after wining in the national election polls at the party headquarter in Madrid, Spain, Sunday, Nov. 20, 2011. (AP Photo/Emilio Morenatti)
Conservative Popular Party candidate Mariano Rajoy, centre jumps alonside his wife Elvira Fernandez Balboa, 2nd right and party members after winning the general elections, in Madrid, Sunday Nov, 20, 2011. (AP Photo/Paul White)
Supporters of conservative Popular Party wave party and spanish flag next to their party headquarter as they celebrate the first results in the national election polls Madrid, Spain, Sunday, Nov. 20, 2011. (AP Photo/Emilio Morenatti)
Spain's Socialist candidate Alfredo Perez Rubalcaba, looks down during a press conference announcing that Spain's ruling Socialists concede defeat in general elections, marked by economic crisis, in Madrid, Sunday Nov, 20, 2011. (AP Photo/Daniel Ochoa de Olza)
MADRID (AP) ? Spain's conservative Popular Party on Monday began tackling the gigantic task of lifting the country out of its worst economic crisis in decades, following an overwhelming and historic victory in the general election.
The promised change in political direction following the deafeat of the Socialists failed to immediately lift financial markets, with Madrid's key Ibex index down 1.2 percent in early trading.
Spain's key borrowing rate for 10-year bonds started a second week above 6 percent. A 7 percent rate is considered unsustainable over the long term.
With the vote count completed, the Popular Party won 186 seats in Sunday's election compared with 154 in the last legislature. The Socialists plummeted from 169 seats to 110, their worst performance ever.
"There won't be any miracles. We never promised any," said triumphant Popular Party leader Mariano Rajoy, 56, in his victory speech.
"But as we have said before, when things are done properly, the results come in," he added.
Rajoy's party won most seats in 45 of the country's 52 provinces. The result, together with a clean sweep in municipal and regional elections in May this year, left it in its strongest position ever.
Curiously, the Popular Party only edged up from 10.2 million to 10.8 million votes, but the Socialists' vote plummeted from 11.1 million in 2008 to 6.9 million on Sunday. That was to the benefit of smaller parties such as the United Left, which saw its seat numbers shoot from 2 in 2008 to 11 this year.
It was the third time in as many weeks that Europe's debt crisis has led to a change in government. Financially troubled Greece and Italy have also seen their governments fall.
Spain has the eurozone's highest jobless rate, at 21.5 percent ? almost 5 million people out of work ? and the country holds a center-stage spot in Europe's debt crisis saga.
"It is no secret to anyone that we are going to rule in the most delicate circumstances Spain has faced in 30 years," said the gray-bearded, bespectacled Rajoy. "For me, there will be no enemies but unemployment, the deficit, excessive debt, economic stagnation and anything else that keeps our country in these critical circumstances."
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