BRUSSELS — Spanish economy minister Carlos Cuerpo has dropped his bid to lead the Eurogroup, paving the way for incumbent Paschal Donohoe to secure a third term.

“It became apparent that there was no guaranteed majority for Minister Cuerpo’s candidacy to be successful,” a Spanish economy ministry official told POLITICO, which reported the news first.

Eurozone finance ministers will vote for the new Eurogroup chief later this afternoon, and Donohoe is expected to reach the 11 votes that will guarantee his reelection for a further two and a half years.

The only remaining candidate in the race to lead the group of eurozone members is Lithuanian finance minister Rimantas Šadžius, who is unlikely to prove a challenge for Donohoe.

“Therefore, in an exercise of responsibility, the minister has decided to step aside to favor an election based on consensus,” the Spanish official said.

“The election process has been positive, and a widespread message has been conveyed about the need to strengthen the impact and effectiveness of the Eurogroup. Spain will continue to contribute constructively toward this objective, as it has done so far,” the official said.