Spain's Former PM Rajoy to Stand Down as Leader of People's Party

Spain's ex-Prime Minister Mariano Rajoy stated on Tuesday he would bow out as a leader of the conservative People's Party (PP) after the parliament passed a no-confidence motion against the government.

"I think the time has come to put a final full stop to this period. The PP must keep advancing and building its history at the service of Spaniards under the leadership of another person,"  Rajoy said to the party activists, adding it would be best for him, party and the country.

The politician said, he would fulfill the mandate as a party president untill the PP executive committee finds a new leader in order to replace him.

The no-confidence motion against Rajoy was initiated on Friday, following a recent court ruling, which found several officials of the People's Party guilty of embezzlement, tax evasion and numerous other offenses. The party itself has been fined by Spain's High Court last week for its involvement in the "corruption scheme."

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Addressing the accusations against him, Rajoy rejected the political proceedings as a plot by a socialist politician leader Pedro Sánchez and his party to undemocratically seize power.