JP Morgan Research Predict Spanish Corruption Allegations to Increase Volatility

Spanish newspaper El Pais published corruption allegations in January against Spanish Prime Minister Mariano Rajoy and other senior members of his party, the Partido Popular (PP).

The documents allege Rajoy received regular cash payments of 25,000 euros ($33,875) from 1997 onwards, which were hidden from tax authorities. Anti-corruption lawyers are due to question former treasurer Luis Barcenas over the claims of the secret payments.

Rajoy has fiercely denied the allegations and has promised more transparency. He has also pledged that Spain will see off its worst financial crisis in recent years, as he seeks to continue the tough reforms sparked by the euro zone crisis.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza