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Spanish Ex-Treasurer imprisoned for corruption

WASHINGTON — Spain’s ruling People’s Party has a corrupt former treasurer, the High Court in Spain ruled. The court continues its current pre-trial investigation into corruption charges against Luis Barcenas.

luis barcenas corruption [1]Reuters reports [2] that the Spanish judge, Pablo Ruz, has sent Barcenas to jail without bail while pre-trial procedures go on because he is a flight risk, could pressure witnesses and destroy evidence.

Barcenas worked for the People’s Party for almost 30 years and mostly in the party’s accounting department. In the words of the Reuters article, he “had failed to explain the origin of up to¬†48 million euros held in Swiss bank accounts.”

That is an understatement by all accounts.

The ruling party is in utter turmoil as this is one of two major corruption scandals and comes when Spain is struggling with its ongoing recession and significantly high unemployment.

The rest of the European Union is not doing very well [3] either. Greece has over 50% youth unemployment and is on the brink of fiscal insolvency, although its prime minister said it’s on track [4] for bailout payments.

Still, the E.U. is not in the best circumstances right now regarding their entire economy with 12% overall unemployment [5].