Spain's King says no candidate for PM, paves way for new election

MADRID, Sept 17 (Reuters) - Spain's Socialist leader Pedro Sanchez will not seek a new parliamentary vote to stay on as premier after rival parties refused to back him, the royal palace said on Tuesday, paving the way for a new election - the country's fourth in four years.

The head of state, King Felipe VI, who had earlier consulted all key political leaders to verify if a workable government was still possible, will not propose any other candidate for premiership, the palace said. (Reporting by Elena Rodriguez and Sam Edwards Writing by Andrei Khalip Editing by Ingrid Melander)