The bursting of the Spanish property bubble in 2008 led to the 2008–16 Spanish financial crisis. High levels of unemployment, cuts in government spending and corruption in Royal family and People's Party served as a backdrop to the 2011–12 Spanish protests. Catalan independentism also rose. In 2011, Mariano Rajoy's conservative People's Party won the election with 44.6% of votes. As prime minister, he continued to implement austerity measures required by the EU Stability and Growth Pact. On 19 June 2014, the monarch, Juan Carlos, abdicated in favour of his son, who became Felipe VI.