Spain names ex-Lehman executive as economy minister

Spain's new conservative Prime Minister Mariano Rajoy has named his new cabinet after being sworn into office.

Luis de Guindos, a former Lehman Brothers executive, will be economic minister, while Cristobal Montoro was appointed treasury minister.

The new ministers will be required to help steer the country through its toughest economic crisis in decades.

Mr Rajoy's Popular Party (PP) won polls last month, ousting the Socialist Party amid deep economic gloom.

Mr de Guindos, 51, an economist who headed Lehman Brothers in Spain, was second-in-charge in the ministry between 2002 and 2004 when the PP was last in power.

Working with him in the newly-created post of treasury minister will be Mr Montoro, who has helped draw up the party's economic policies in opposition over the last seven years.

Mr Montoro was also number two in the economy ministry from 1996 to 2000, and treasury minister from 2000 to 2004.

In other appointments, Jose Manuel Garcia-Margallo was named foreign minister and Fatima Banez, an economist and lawyer, was appointed labour minister.

Jorge Fernandez Diaz was named interior minister, while Madrid Mayor Alberto Ruiz Gallardon will be justice minister and Pedro Morenes defence minister.

Earlier, Mr Rajoy was sworn in as premier before King Juan Carlos.