IMF fa­vorite.

Kathimerini English - - Business & Finance -

French Fi­nance Min­is­ter Christine La­garde emerged as the lead­ing con­tender to re­place Do­minique Strauss-Kahn at the In­ter­na­tional Mon­e­tary Fund as de­vel­op­ing na­tions failed to unite be­hind a can­di­date. US Trea­sury Sec­re­tary Ti­mothy F. Gei­th­ner called for the quick ap­point­ment of a new man­ag­ing di­rec­tor yes­ter­day while the Obama ad­min­is­tra­tion avoided back­ing any one per­son. “We want to see an open process that leads to a prompt suc­ces­sion,” Gei­th­ner said in a state­ment. John Lip­sky, the Wash­ing­ton­based IMF’s acting man­ag­ing di­rec­tor, “will pro­vide able and ex­pe­ri­enced lead­er­ship to the Fund at this crit­i­cal time for the global econ­omy,” Gei­th­ner said. Euro­pean of­fi­cials moved to main­tain con­trol over the in­sti­tu­tion that ap­proved a record $91.7 bil­lion in emer­gency loans last year and pro­vides a third of the euro-area’s bailout pack­ages. Italy and Swe­den backed La­garde, while Ger­man For­eign Min­is­ter Guido Wester­welle said he holds her in high es­teem, the first pub­lic hint of Ger­man sup­port.

(Bloomberg)

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