European officials closed ranks to defend their hold on the International Monetary Fund’s top job as pressure mounted on the agency’s jailed leader, Dominique Strauss-Kahn, to step down.
U.S. Treasury Secretary Timothy F. Geithner said the IMF needs to formally name an interim leader because Strauss-Kahn is “obviously not in a position” to run the fund. Austrian Finance Minister Maria Fekter told reporters in Brussels yesterday that Strauss-Kahn “risks damaging the IMF,” and Senator Mark Kirk, a Republican from Illinois, sought his resignation.
At stake is leadership of an institution that approved a record $91.7 billion in emergency loans last year and provides a third of bailout packages in Europe. Strauss-Kahn’s arrest may give emerging markets, the drivers of global growth, momentum to their push to end a postwar deal under which a European heads the fund and the U.S. picks the World Bank president.
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http://preview.bloomberg.com/news/2011-05-18/europe-seeks-to-keep-top-imf-post-as-strauss-kahn-starts-facing-exit-calls.html
U.S. Treasury Secretary Timothy F. Geithner said the IMF needs to formally name an interim leader because Strauss-Kahn is “obviously not in a position” to run the fund. Austrian Finance Minister Maria Fekter told reporters in Brussels yesterday that Strauss-Kahn “risks damaging the IMF,” and Senator Mark Kirk, a Republican from Illinois, sought his resignation.
At stake is leadership of an institution that approved a record $91.7 billion in emergency loans last year and provides a third of bailout packages in Europe. Strauss-Kahn’s arrest may give emerging markets, the drivers of global growth, momentum to their push to end a postwar deal under which a European heads the fund and the U.S. picks the World Bank president.
Read More
http://preview.bloomberg.com/news/2011-05-18/europe-seeks-to-keep-top-imf-post-as-strauss-kahn-starts-facing-exit-calls.html
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