7 June 2012 Last updated at 10:59 ET

Gibraltar profile

Head of state: Queen Elizabeth II, represented by a governor

Chief minister: Fabian Picardo

Fabian Picardo Fabian Picardo has a background in law

Fabian Picardo was elected as Chief Minister in December 2011.

Eight months earlier, he had taken over the leadership of the Gibraltar Socialist Labour Party, replacing long-term leader Joe Bossano.

Mr Picardo was born in Gibraltar and studied law at Oxford University. After graduating from Oxford, he attended the Inns of Court School of Law at Gray's Inn in London.

Mr Picardo's predecessor as Chief Minister, Peter Caruana, held the post for more than 15 years, from 1996 to 2011.

Former Chief Minister Peter Caruana Former chief minister Peter Caruana

The leader of the Gibraltar Social Democrats, Mr Caruana strongly opposes the idea of shared sovereignty with Spain and oversaw a 2002 referendum that roundly rejected the concept.

He has been credited with helping to develop Gibraltar's offshore financial industry. In 2010, he said his government was transforming the economy from a European tax haven to a financial services hub.

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