Bankers convicted in ’03 fiscal crisis
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Three Dominican banking executives were convicted for their roles in a 2003 financial collapse that crippled the Caribbean country’s economy.
The trial focused on the management and collapse of the country’s largest bank, Banco Intercontinental, which led to the failure of two other large banks as international lenders helped prop up the Dominican economy.
The resulting costly central bank bailout spurred 30% annual inflation. Voters blamed the troubles on then-President Hipolito Mejia, leading to his defeat by Leonel Fernandez on a platform of fiscal reform in 2004.
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