Madrid, Spain

Madrid is the capital and largest city of Spain. The city is located on the river Manzanares in the center of the country, between the autonomous communities of Castile and León and Castile-La Mancha. Due to its economic output, standard of living, and market size, Madrid is considered the major financial center of the Iberian Peninsula; it hosts the head offices of the vast majority of the major Spanish companies, as well as the headquarters of three of the world's 100 largest companies (Telefónica, Repsol-YPF, Endesa). As the capital city of Spain, seat of government, and residence of the Spanish monarch, Madrid is also the political center of Spain. The current mayor is Alberto Ruiz-Gallardón from the center-right People's Party. He has been in office since 2003, when he abandoned the Presidency of the Autonomous Community of Madrid and stood as the candidate to replace outgoing mayor José María Álvarez del Manzano, also from the PP. In the last local elections of 2007, Ruiz-Gallardón enlarged the PP majority in the City Council to 34 seats out of 57, sweeping 55.5% of the popular vote and winning in all but two districts.