Spanish poet Jose Manuel Caballero Bonald is the latest recipient of the 2012 Cervantes Prize, the most prestigious honor in Spanish-language literature.

Education Minister Jose Ignacio Wert said Thursday the 86-year-old was chosen for the contribution his life-long work has made to enriching Spanish-language writing.

The €125,000 ($167,000) prize generally alternates between Spanish and Latin American writers. Last year, it went to Chilean poet Nicanor Parra.

First handed out in 1976, previous winners include Carlos Fuentes of Mexico, and Nobel prize winners Mario Vargas Llosa of Peru and Spain's late Camilo Jose Cela.

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