Strauss-Kahn returns to IMF, gets warm applause!

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Reuters, WASHINGTON / Mon Aug 29, 2011 7:00pm EDT.

(Reuters) - Former IMF chief Dominique Strauss-Kahn apologized to the institution's staff in his first return visit since charges of sexual assault against him were dropped last week. He was greeted with warm applause.

Strauss-Kahn, who was with his wife French TV personality wife Anne Sinclair, drove himself to the headquarters of the International Monetary Fund and met briefly with his successor and fellow French national Christine Lagarde.

He later addressed a packed auditorium out of reach of the cameras of televisions crews and photographers who had camped outside the IMF all day waiting for the former director.

"He received a very warm welcome," said Paulo Nogueira Batista, who represents Brazil and a group of eight Latin American countries, after the meeting.

"It reflects the fact that he is very much appreciated in the institution," Nogueira Batista said, adding: "People clapped for very long periods."

Rest at,

http://www.reuters.com/article/2011/08/29/us-imf-strausskahn-idUSTRE77S6J920110829

             

EUROPE: IMF releases new funds for Greece bailout!

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• July 9, 2011 
• AFP 
• Washington / DC.

The International Monetary Fund said Friday it was releasing 3.2 billion euros ($4.6 billion) to Greece but warned there was "no margin for slippage" in the country's reform program.

The funds, part of the 110 billion euro joint bailout with the European Union for the debt-stricken country, came as Europe's leaders and banks struggle to achieve an ostensibly voluntary restructuring of the country's debt to relieve pressure on Athens and avert a forced default.

The IMF said Greece was making "some progress" to get back on a sustainable fiscal path, but stressed the government had to press ahead on reforms required under the IMF-EU program.

But it also said that Europe's richer countries needed to keep up their backing for Athens.

"Greece's debt sustainability hinges critically on timely and vigorous implementation of the adjustment program, with no margin for slippage, and continued support from European partners and private sector involvement," new IMF chief Christine Lagarde said in a statement.

Lagarde said the Greek bailout is "delivering important results," and the Fund predicted the country would return to positive economic growth in the first half of 2012.

"The fiscal deficit is being reduced, the economy is rebalancing, and competitiveness is gradually improving," she said.

Full Story at,

http://www.deccanchronicle.com/channels/business/news/imf-releases-new-funds-greece-bailout-720

INTERNATIONAL MONETARY FUND: Christine Lagarde named first woman IMF head!

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Newly elected IMF president Christine Lagarde is pictured after taking part in the broadcast news of French TV station TF1, following the announcement of her election, outside Paris - AFP.

France's Christine Lagarde was named Tuesday as the first-ever female chief of the IMF, faced with an immediate crisis as violent Greek protests rocked the stability of the eurozone.

The French finance minister, respected for her leadership during the financial crises that have rocked Europe over the past three years, was chosen to replace countryman Dominique Strauss-Kahn, who resigned abruptly on May 18 after being arrested in New York for an alleged sexual assault.

"The results are in: I am honored & delighted that the board has entrusted me with the position of MD of the IMF!" Lagarde said via Twitter minutes after the announcement.

Despite grumblings from emerging economies over Europe's 65-year lock on the IMF's top job, the solid support of the United States and European nations made it virtually impossible for Mexican challenger Agustin Carstens.

Ultimately key emerging nations, including Brazil, China and Russia, also gave Lagarde their backing.

Full Story at,

http://www.deccanchronicle.com/channels/business/news/christine-lagarde-named-first-woman-imf-head-379

BRICS' open revolt against European grip on IMF!

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Narayan Lakshman / The Hindu

Paris: The International Monetary Fund's Executive Directors from the BRICS economies have openly revolted against the prospect of the Fund's Managing Director role reverting to a European, deepening the woes of an organisation that was recently rocked to its very core by the resignation of Dominique Strauss-Kahn as its chief following sexual assault allegations.

In an unprecedentedly explicit articulation of long-standing resentment over the convention of selecting the MD, “in practice, on the basis of nationality,” IMF Directors from India, China, Russia, Brazil and South Africa (BRICS) said in a public statement that this “undermines the legitimacy of the Fund.”

The BRICS group, including India representative Arvind Virmani, called for the abandonment of the “obsolete unwritten convention,” that required the head of the IMF necessarily to be 

from Europe. There has been no reaction yet from any other quarter within the IMF.

Full story at,

http://www.hindu.com/2011/05/26/stories/2011052668572100.htm

India wants emerging markets candidate for IMF top job - sources!

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By Abhijit Neogy and Manoj Kumar / NEW DELHI | Mon May 23, 2011 6:50pm IST

Trevor Manuel, South Africa's National Planning Minister, speaks during a joint news conference as part of the G20 Finance Ministers and Central Bank Governors meeting in Busan June 4, 2010. / Credit: Reuters/Nicky Loh

(Reuters) - India favours emerging economies jointly putting forward a candidate to head the International Monetary Fund, even if their bid is ultimately unsuccessful, two Indian finance ministry sources said on Monday.

Asia's third-largest economy is working behind the scenes with other emerging economies to build consensus behind one candidate, the sources, who declined to be named, told Reuters.

Former South African Finance Minister Trevor Manuel could emerge as the choice of the group, one of the sources said.

India has not made public its position on who should head the fund.

Full story at,

http://in.reuters.com/article/2011/05/23/idINIndia-57212820110523