{"id":25923,"date":"2013-02-05T18:19:25","date_gmt":"2013-02-05T17:19:25","guid":{"rendered":"http:\/\/feedproxy.google.com\/~r\/zerohedge\/feed\/~3\/ON-uUSZdbfc\/story01.htm"},"modified":"2013-02-05T18:19:25","modified_gmt":"2013-02-05T17:19:25","slug":"the-eus-systemic-corruption-makes-solving-the-crisis-impossible","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/the-eus-systemic-corruption-makes-solving-the-crisis-impossible\/","title":{"rendered":"The EU’s Systemic Corruption Makes Solving the Crisis Impossible"},"content":{"rendered":"
\n

The single most difficult aspect about analyzing market moves in Europe is the impact of the political class on just about everything.<\/p>\n

Worldwide, politicians are not exactly famous for honesty. However, Europe is a very special case\u2026 where just about everyone is lying on just about everything involving the economy and banking system.<\/p>\n

This notion is illustrated wonderfully by Spain\u2019s Prime Minister Rajoy, who was recently embroiled in a scandal in which he and many of the politicians in his party were receiving illegal payments for decades<\/em> via a slush fund.<\/p>\n

Rajoy himself allegedly received roughly $34,000 per year\u2026 from 1997-2008. This doesn\u2019t bode well in any country, least of all one that has broken down to the point that pharmacies are running out of medicine and over 50% of youth are unemployed.<\/p>\n

Rajoy first denied all of the allegations\u2026 then this morning stated that, “I repeat what I said Saturday: everything that has been said about me and my colleagues in the party is untrue, except for some things that have been published by some media outlets.”<\/strong><\/p>\n

At this point, why would anyone listen to what Rajoy had to say about anything<\/em>?<\/strong><\/p>\n

Those investors who can remember back to last May, before Europe was fixed (by another massive lie, this one from Mario Draghi), Spain\u2019s banking system was on the verge of collapse. What\u2019s striking is that as late as May 28, Rajoy continued to maintain that Spain would not need a outside funding, stating, “there will be no rescue of the Spanish banking sector.”<\/p>\n

At this point, Bankia had already requested its bailout and Spanish banks\u2019 shares were in a free-fall. Moreover, Spain itself was just days away from requesting outside aid from the EU.<\/strong><\/p>\n

The timeline says it all:<\/p>\n