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Following "Worst Election In 25 Years" Court Finds Rajoy's Ruling Party May Have Had Secret Accounts

Tyler Durden's picture




 

It has not been a good week for Spain's embattled Prime Minister Mariano Rajoy. Following what Bloomberg calls "its worst election result in 25 years," in Andalusia (the nation's most populous region); the corruption scandals re-rear their ugly head:

  • *SPAIN RULING PEOPLE'S PARTY MAY HAVE HAD SECRET ACCOUNTS: COURT
  • *SPAIN COURT SEES POSSIBLE TAX FRAUD BY COUNTRY'S RULING PARTY

Spanish bond risk widened 4-5bps on the day as both events confirm the rise of anti-EU parties Podemos and Ciudadanos.

 

As Bloomberg reports, things were already bad enough with dismal voting results...

Spanish Prime Minister Mariano Rajoy’s People’s Party scored its worst election result in 25 years in Spain’s most populous region, adding to pressure on the party leadership before general elections.

 

Rajoy’s PP got 26.8 percent in Andalusia, compared with 40.7 percent in the last regional vote in 2012, according to the regional government data. That’s the lowest level of support since 1990, when the PP got 22.2 percent.

 

Andalusia’s ballot marks the start of a Spanish electoral marathon to choose another 14 regional presidents, more than 8,000 mayors, and a new national government in the next 10 months. Rajoy struggled to mobilize his voters even as the fourth largest economy in the euro region is growing at the fastest pace since 2007. No date has been set for the national election which must be held by January 2016.

 

“Alternative leadership to Rajoy should be an urgent first point of discussion for the party based on public opinion criteria,” said Lluis Orriols, a political scientist at Carlos III University in Madrid.

And then this hit... People’s Party may be responsible for a possible tax fraud, a special court, known as Audiencia Nacional, says in e-mailed ruling

  • *SPAIN RULING PEOPLE'S PARTY MAY HAVE HAD SECRET ACCOUNTS: COURT
  • *SPAIN COURT SEES POSSIBLE TAX FRAUD BY COUNTRY'S RULING PARTY

*  *  *

“It also confirms the rise of Podemos and Ciudadanos, although both of them will have to do better in the future if they want to become real challengers to mainstream parties.”

 

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Mon, 03/23/2015 - 11:43 | 5918074 Jonesy
Jonesy's picture

Imagine that.

Mon, 03/23/2015 - 11:46 | 5918088 Haus-Targaryen
Haus-Targaryen's picture

Don't worry.  The Spanish will demand war reparations to cover the costs.  

Nothing to see here.  Move on.  

Mon, 03/23/2015 - 12:05 | 5918156 TruthInSunshine
TruthInSunshine's picture

Greece is about to Grexit, and Portexit, then a real possibility of a Spexit is on deck.

This European Union, man, it can't stand.

#AllBasicArithmetic

Mon, 03/23/2015 - 12:11 | 5918180 Which is worse ...
Which is worse - bankers or terrorists's picture

Frexit...

Mon, 03/23/2015 - 13:19 | 5918436 0b1knob
0b1knob's picture

Damn what the hell is going on with the powers that be?

Even the Chicago machine is having trouble getting ballet boy re-elected.

Mon, 03/23/2015 - 12:37 | 5918274 KnuckleDragger-X
KnuckleDragger-X's picture

Neither Catalan or Anadulisia is happy with the Spanish government and the public airing of dirty politics is going to make it worse. Italy and France are in the same boat and the weather is getting warm enough for protest season to start. The EU is approaching the cliff and we'll get to see how fast the bureaucrats in Brussels can tap dance through a minefield.

Mon, 03/23/2015 - 18:53 | 5919743 iofera
iofera's picture

All your investing decisions hinge on a Grexit, don't they, Bob? :-)

Mon, 03/23/2015 - 12:11 | 5918179 thamnosma
thamnosma's picture

Where's the General when you need him?

Mon, 03/23/2015 - 11:44 | 5918078 Shizzmoney
Shizzmoney's picture

Vote them all out!

Mon, 03/23/2015 - 11:53 | 5918111 Stoploss
Stoploss's picture

LOL!!!  'Vote'  counters determine who wins based on whom they are told.

Mon, 03/23/2015 - 18:57 | 5919755 iofera
iofera's picture

True, in the case of who's the president of your family's lemonade stand business.

Elsewhere, not so much, Bob.

Mon, 03/23/2015 - 11:56 | 5918105 Bunga Bunga
Bunga Bunga's picture

So what? Welcome to Europe. https://en.wikipedia.org/wiki/CDU_donations_scandal

 

 

The very same Schäuble who demands anti-corruption measures from Greece was involved too (he accepted a cash donation from the weapons dealer Schreiber and "forgot" to report it).

Mon, 03/23/2015 - 11:52 | 5918108 LawsofPhysics
LawsofPhysics's picture

< shocker >  Are all of those out of work carpenters in Spain building fucking guillotines yet?


Mon, 03/23/2015 - 11:54 | 5918114 Haus-Targaryen
Haus-Targaryen's picture

No - still too busy smoking & sun bathing.  Then they take a nap, and go smoke some more. 

Mon, 03/23/2015 - 12:03 | 5918147 LawsofPhysics
LawsofPhysics's picture

Interesting times, not sure who the real idiot is in all this...

Mon, 03/23/2015 - 11:55 | 5918116 The Bell Rang
The Bell Rang's picture

Building Gallows might be more of a carpenters line of work.

Mon, 03/23/2015 - 11:57 | 5918122 williambanzai7
williambanzai7's picture

Mon, 03/23/2015 - 12:26 | 5918227 cosmictrainwreck
cosmictrainwreck's picture

was just going to give Tyler kudos for GREAT photo...where'd you find that? Then her comes Banzai for the "one-up" ha!

Mon, 03/23/2015 - 18:58 | 5919761 iofera
iofera's picture

It's Photoshopped, Bob.

Mon, 03/23/2015 - 11:59 | 5918126 Kaiser Wilhelm II
Kaiser Wilhelm II's picture

Court Finds Rajoy's Ruling Party May Have Had Secret Account

 

Well, well...

 As usual one or two small truths thrown to the Goyim in order to make him believe that he really lives in a democracy, with the human rights, justice and all that crap ...

 

Enough! Read " On the Abolition of All Political Parties " of Simone Weil, and let's forget once for all the democratic farce.

Mon, 03/23/2015 - 12:12 | 5918184 thamnosma
thamnosma's picture

So Spain will help bail out Greece.  Then I suppose Italy will help bail out Spain.  France will bail out Italy and then what?

Mon, 03/23/2015 - 12:37 | 5918276 oddjob
oddjob's picture

A better spiderman towel.

Mon, 03/23/2015 - 12:12 | 5918185 jarana
jarana's picture

Ciudadanos is not an anti-EU party.

Just saying.

Rajoi's picture is gorgeus.

 

Mon, 03/23/2015 - 12:54 | 5918335 Martin Antolinez
Martin Antolinez's picture

I was going to say exactly that. Podemos is anti-EU, Ciudadanos is not anti-EU at all and Rajoy is anti-excitement and pro-boring

Mon, 03/23/2015 - 13:43 | 5918519 lucas991
lucas991's picture

Ciudadanos anti-EU? Nonsense...

Mon, 03/23/2015 - 14:06 | 5918587 SmittyinLA
SmittyinLA's picture

 as the fourth largest economy in the euro region is growing at the fastest pace since 2007.

 

Nice lipstick for the pig of Islamic invasion, Islamic refugee growth is nothing to celebrate, they vote over 80% Socialist

Mon, 03/23/2015 - 14:27 | 5918665 SmittyinLA
SmittyinLA's picture

People's party, so Fannie Mae elected them?

Mon, 03/23/2015 - 18:50 | 5919737 iofera
iofera's picture

Why does the photo Zero Hedge uses always make the person - sane or not - look either stark raving made or like an utter imbecile?

Oh yeah, that's right, this is Zero Hedge.

Mon, 03/23/2015 - 19:02 | 5919767 Seek_Truth
Seek_Truth's picture

That's not a photo- it's the mirror you're looking in, Poindexter.

Do NOT follow this link or you will be banned from the site!