BP Holdings – Spanish corruption scandal rumbles on as euro economy ‘turns corner’ – as it happened

6 Feb

BP Holdings – Spanish corruption scandal rumbles on as euro economy ‘turns corner’ – as it happened

Good morning, and welcome to our rolling coverage of the eurozone financial crisis, and other key events in the world economy.

The unfolding corruption allegations in Spain continue to dominate the agenda, after helping send European stock markets sliding yesterday.

El País, which broke the story last week, reports this morning that Spain’s anti-corruption prosecutor is holding a wide-ranging investigation into claims that senior members of the ruling People’s party, including prime minister Mariano Rajoy, received secret, illegal payments over many years.

The prosecutor, it says, is comparing the PP’s last 13 years of public accounts with the ‘secret accounting system’, which El Pais claims was created by treasurer Luis Bárcenas.

According to El País the investigation will consider whether any individuals, or the PP, committed tax fraud by not declaring secret payments, and whether limits on political donations were breached.

The full story is online here in Spanish (or there’s a Google translation into English here)

With Rajoy insisting yesterday the allegations are untrue, the scandal could loom over the eurozone for some time.

The financial markets are calmer this morning. But there’s plenty of chatter about how the eurozone crisis has returned – if indeed it ever went away.

I’ll be tracking the latest developments in Spain, and beyond, including the latest service sector data for many European countries – and a speech by French president François Hollande.

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