Hopes for swift solutions following Spain’s general election on Sunday turned to fear of yet more political instability. Mariano Rajoy, the likely new prime minister and head of the People’s Party, warned there was “no miracle recipe or magic potion.” He ruled out demands for a “bad bank” to house Spain’s toxic assets and said he “didn’t want to kid people.” He added: “I hope that in our first year we can do things and that over the course of our legislation we can create jobs in a sustained and stable way.”