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Economist Peter Doyle resigned after 20 years on the IMF , “ashamed to have been associated with the Fund , “which accuses him of withholding information. Peter Doyle, an economist at the International Monetary Fund (IMF) for 20 years, resigned in the past 18 days, a letter, now published, with strong criticism of the organization is currently led by Christine Lagarde. “Ashamed to have been associated with the Fund,” Peter Doyle went [...] 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. On Friday, Madrid will unveil a plan to clean up banks exposed to the property and construction sector crashes. Much focus will be on Bankia, which holds 32bn euros in distressed property [...] By Roland Gribben and Fiona Govan, Madrid 8:57PM BST 07 May 2012 Prime minister Marian Rajoy indicated the Government was ready to intervene to save banks wrestling with the collapse of the housing market. Bankia, Spain’s fourth biggest bank, is the first in line for state aid. Rodrigo Rato, chairman and former IMF managing director, swiftly resigned after it was disclosed the finance ministry was preparing to refinance the bank and introduce legislation to protect [...] |
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