Forget It Jacques, It’s Clearstream

It never stops when your blog has to cover an entire continent. Hardly had the Italian left taken AFOE’s advice to get Giorgio Napolitano elected as president than the Clearstream scandal in France was getting out of hand, and nothing at all on the blog! Fortunately, at the moment the news from that quarter is coming so thick and at such a howling rate of speed that it wasn’t going to be hard to catch up. The latest despatches suggest that, firstly, it was De Villepin and Chirac, and secondly, that the victim-Nicolas Sarkozy-probably has something to hide too, as in any good film noir.

And that’s before you get on to the 300 million francs in the president’s secret Japanese bank account. Allegedly.

So what is a Clearstream and why is it a scandal? Clearstream is a bank clearing house in Luxembourg that permits banks to carry out international payments on a net basis, paying just the balance of their transactions in cash every business day. It has a bad reputation in France because of one Denis Robert, who has written three books alleging that it’s responsible for money laundering on a vast scale. But more relevantly, it’s also the supposed cause of a major political crisis.
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