In Spain, authorities detained former International Monetary Fund director Rodrigo Rato and searched his home and office as part of a probe into money laundering. Rato is also under investigation for suspected fraud during his tenure as head of Bankia, the Spanish bank which received a taxpayer bailout. Rato led the IMF from 2004 to 2007, during a period when Argentina was struggling to recover from a financial meltdown many believe was brought about by IMF-led policies. Argentine President Cristina Fernández de Kirchner responded to news of Rato’s detention.

President Cristina Fernández de Kirchner: “They just announced that former International Monetary Fund Director-General Rodrigo Rato, who was the former economy minister and vice president for (former Spanish Prime Minister) José María Aznar, was just detained for laundering money, imprisoned for laundering money. That’s who used to come and tell us how we had to direct and manage our economy. Moreover, it was they who even dared to talk about corruption in Argentine politics.”