Spain’s Supreme Court has confirmed a four-and-a-half year prison sentence for former International Monetary Fund head Rodrigo Rato for misusing a Spanish bank’s corporate credit card.
Voters in Spain's Valencia region, a bastion of conservatism for two decades, are likely to desert Prime Minister Mariano Rajoy's party in droves in May's regional election, a poll published on Sunday found, in a taste of nationwide politics to come.
The former director of the International Monetary Fund (IMF), Spaniard Rodrigo Rato, has been detained by police in Madrid. Rato, who has also been Economy Minister during Spanish President José María Aznar’s administration, is accused of money laundering and fraud.
Santander, the Euro zone's biggest bank, has hired Rodrigo Rato, under investigation in connection with allegations of fraud at state-rescued lender Bankia when he was chairman, to its international advisory board.
A Spanish court opened a fraud case against former executives of lender Bankia on Wednesday amid mounting public anger against the state-rescued bank.
Spanish shares have fallen and the interest rate on the country's benchmark 10-year bond has risen amid fresh worries over the banking sector. The Ibex market fell by 3% and bond yields rose above 6%, a level seen as unsustainable.