Bustelo graduated in Economics from Madrid University in 1958. He worked as an economist at the OECD in Paris from 1963 to 1965. From 1968 to 1973 he was the Executive Director of the IMF. He served as Spanish Industry Minister from 1977 to 1980. He was President of the Madrid Court of Jurisdiction until December, 2009.
- Dounder Members, Friends of Israel Initiative, accessed 30 March 2013.