Win for M15 Movement, Spain Opens Criminal Probe of Ex-IMF and Bankia Chief Rodrigo Rato

Protesters in Spain are celebrating a major victory after the country’s high court opened a criminal investigation into Rodrigo Rato, the former head of Spain’s biggest mortgage lender, Bankia.

 Rato, also the ex-chief of the International Monetary Fund, has been ordered to appear in court to face criminal fraud accusations related to the downfall of Bankia, a banking giant at the center of Spain’s economic meltdown.

The news marks a rare case where a former bank executive is facing a criminal probe related to the global financial crisis. Reporting from Madrid, Democracy Now! host Amy Goodman speaks with Madrid-based activist Olmo Gálvez, an organizer with ¡Democracia Real YA!, or Real Democracy Now!, part of the May 15 movement in Spain. [includes rush transcript]