**Pedro Sánchez remains Spain’s prime minister in a minority coalition government facing sustained pressure from the opposition and recent events.** The ongoing Ceuta migrant crisis, triggered by a large influx from Morocco in late July 2026, has dominated political debate into September, with critics from the PP and Vox accusing the government of inadequate border management and slow response. Sánchez has defended the administration’s actions, pledged additional resources for Ceuta, and rejected claims of Moroccan orchestration while facing parliamentary scrutiny. Polls show the PSOE holding roughly 25–31 percent support, often trailing or close to the PP, with the combined right-wing bloc frequently projected to secure an absolute majority in the next general election scheduled no later than August 2027. The government operates without a stable majority after losing support from Junts and continues on extended prior budgets. Sánchez has repeatedly stated his intent to complete the term, though failure to pass new budgets or further erosion of coalition support could prompt an earlier vote. These dynamics—parliamentary arithmetic, the Ceuta fallout, and opposition momentum—shape trader assessments of the timing of any leadership change.