His many opponents finally caught up with Mariano Rajoy on Friday when a leftist coalition ousted the Spanish Prime Minister’s center-right government with a no-confidence vote in parliament. The risk now is that Madrid will unwind the reforms that have helped the country grow faster than its neighbors.
Mr. Rajoy’s Popular Party (PP) has itself to blame for Friday’s 180-169 defeat. Last month Spain’s National Court convicted 29 people, including the party’s former treasurer, of a kickback scheme. Mr. Rajoy denied knowledge...