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Ex-IMF chief Rato: fallen angel of Spanish finance

Rodrigo Rato, pictured leaving a hearing in Madrid on October 16, 2014, faces accusations of spending sprees with a company credit card while he was chief executive of bailed-out Spanish bank Caja MadridFraud allegations have driven a spectacular fall from grace for Rodrigo Rato, the man credited with Spain’s one-time economic boom and now destroyed by its bust. The 65-year-old former finance minister was hailed for kicking off a golden decade of growth in Spain’s economy from the late 1990s and later led the International Monetary Fund. On October 16 a judge questioned him over alleged spending sprees on company credit cards by him and other ex-managers in the bailed-out finance group Bankia. He had already been questioned on suspicion of fraud in an ongoing probe into the stock market launch of Bankia, which was rescued by the Spanish government in 2012.

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