Lehman Banker, Budget Expert Picked to Steer Spain’s Economy

Spanish Prime Minister Mariano Rajoy named a former Lehman Brothers Holdings Inc. banker and a budget professor as his finance chiefs, tasking them with overhauling an economy that risks being engulfed by the debt crisis.

Luis de Guindos, former deputy finance minister and head of Lehman in Iberia, was sworn in as minister for economy and competition today. Cristobal Montoro, budget minister when the People’s Party was last in power, returns to the same post with further responsibility for public administration. Rajoy created the roles to replace Elena Salgado, who did both jobs in the last government as well as being deputy prime minister.