Spain’s Prime Minister Accused Of Receiving Illegal Cash Payments As Corruption Scandal Widens
2013 02 07
By Agustino Fontevecchia | Forbes.com
A corruption scandal blew up in Spanish Prime Minister Mariano Rajoy’s face over the past few days, sending the stock market down in a crash as bond yields surged dramatically. As opposition leaders call for his head, Rajoy rejected accusations that he and other top members of the Popular Party (PP) received illegal cash payments, promising to post his tax returns online so that “truth may prevail.” It appears unlikely that the so-called Gurtel Scandal will force Rajoy out, but the return of political rumblings have unsettled markets after months of relative calm, raising fears that the European sovereign debt crisis might flare up once again.
“Never, and I repeat, never have I received, nor distributed black money,” Rajoy said last Saturday, responding to accusations that he had formed part of a corruption ring that received money from a construction company in exchange for public contracts.
The scandal, uncovered by Spanish daily El Pais over the past few days, bulldozed market confidence in Madrid, sending the stock market down nearly 4% on Monday. After months of continued improvement, Spanish bond markets deteriorated as well, with the yield on 10-years jumping dramatically to 5.44%, hitting its highest levels since mid-December.
Mariano Rajoy with Germany’s Angela Merkel at a press conference in Berlin on Monday
Rajoy referenced the case again Monday in Berlin, where he was meeting German Chancellor Angela Merkel, saying “everything that refers to me […] is totally and absolutely false.” The Prime Minister has found himself tied to a corruption scandal that involves the PP’s former national treasurer, Luis Barcenas, who has reportedly stashed €22 million ($30 million) in a Swiss bank.
Read the full article at: forbes.com
Spain Now Faces a Systemic, Societal, and Sovereign Collapse
Red Cross makes Spain appeal as economic crisis bites
Eurozone crisis: Spain inching closer to a meltdown
Anti-austerity clashes in Spain (Photos)
Storm looming in eurozone as Spain economy falters
IMF Head and Sarkozy embroiled in new corruption inquiry
Barclays rate rigging crisis shows ’corruption at heart of banking’
Latest News from our Front Page
Pentagon launching missile defense blimps to patrol East Coast
The US Army is set to begin testing its blimp-like surveillance airships, designed to help the military detect and destroy cruise missiles from attacking the nation’s capital and other East Coast cities.
The blimps at the center of the tests in Maryland are unmanned, 80-yard long, helium-filled aircraft that can float up to 10,000 feet in the air. At that height ...
Sony Just Canned 'The Interview' in the Wake of Terrorist Threat
Sony has cancelled the cinematic release of The Interview in the wake of its cyberattack after the five largest cinema chains in the country decided not to run the film.
"Sony Pictures has been the victim of an unprecedented criminal assault against our employees, our customers, and our business," Sony wrote in its first statement on the matter, as reported ...
Sweden is so deranged, there are no words to describe it – Danish politician
Politically correct Sweden is such a deranged society that there is no term in social science sufficient enough to describe it – argues Pia Kjærsgaard the Danish People’s Party former leader
In this article in Den Korte Avis, Kjærsgaard marvels at the fact that the politically correct are so desperate that they have graduated from using worn-out epiteths such as neo-fascists, ...
U.N. sending thousands of Muslims to America
The federal government is preparing for another “surge” in refugees and this time they won’t be coming illegally from Central America.
The U.S. State Department announced this week that the first major contingent of Syrian refugees, 9,000 of them, have been hand-selected by the United Nations for resettlement into communities across the United States.
The announcement came Tuesday on the State Department’s ...
Why You Should Watch Beheading Videos
Modernity is a dream. It is a dream that we can make the world something other than what it is through technology, prosperity, and above all “education.”
People will able to pick their own “gender.” Different cultures, races, and religions can blend into one seamless, corporate-friendly whole. And violence and death, it is implied, will be wished out of existence.
Today, a ...
|More News » |