Pedro Sánchez has served as Spain's Prime Minister since June 2018, leading a coalition government dependent on multiparty support in the Spanish Congress. The political landscape has historically shifted rapidly in response to no-confidence votes, party realignments, or voluntary resignations. A market YES requires Sánchez to exit office by December 31, 2026, through resignation, loss of a confidence vote, or government dissolution. Currently trading at 0% YES odds, the market reflects broad market confidence that Sánchez will remain in office through the end of 2026. This pricing suggests participants believe his coalition structure—though fragmented—is stable enough to weather the remainder of the period, or that internal and external pressures are insufficient to force a change in leadership before year-end. Spanish political dynamics can shift unexpectedly, making this market sensitive to parliamentary maneuvers, regional disputes, or major policy disagreements within the coalition.