PSOE and United We can reach a preliminary agreement to form a coalition in Spain

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(CNN) - The Socialist Workers Party (PSOE) and the United Left Party We can reach a preliminary agreement to form a coalition government, party leaders announced at a joint press conference in Madrid on Tuesday.

The president of the acting Government and leader of the PSOE, Pedro Sánchez, signed the agreement together with the leader of United Podemos, Pablo Iglesias.

Sanchez said that this would form a "deeply progressive government" and that it is "an agreement for four years."

Even together, the two parties do not reach the threshold for a majority government. The PSOE won 120 seats while United We Can 35, the threshold for a majority is 176 seats.