Former IMF head gets 41/2 years for misuse of funds
Madrid
RODRIGO Rato, a former managing director of the International Monetary Fund, was convicted on Thursday on charges of misusing the funds of a Spanish bank that he led to near-collapse. He was sentenced to 4 1/2 years in jail.
Rato is the most prominent person to have been convicted since the rescue of the bank, Bankia, in 2012. As such, he has been the face of Spain's elites and financial industry executives targeted in Spain, which had to bail out its ailing banks during the European debt crisis.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons