Lagarde is first woman IMF head

France’s Christine Lagarde was named yesterday to be the first-ever female chief of the International Monetary Fund (IMF), facing an immediate crisis as violent Greek anti-austerity protests rocked the stability of the eurozone.






The French finance minister, widely respected for her leadership during Europe’s financial crisis over the past three years, according to The Associated Press (AP), was chosen to replace Dominique Strauss-Kahn, who resigned abruptly on May 18 after being arrested in New York for the alleged sexual assault of a hotel maid.

"The executive board of the International Monetary Fund today selected Christine Lagarde to serve as IMF managing director and madame chairman of the executive board for a five-year term starting on July 5, 2011," the IMF said in a statement.

Her win was assured after emerging powers China, Russia and Brazil declared their support for her and the United States followed with its endorsement ahead of the meeting of the 24-member board.
Lagarde, 55, will have to immediately deal with an IMF-European Union effort to keep debt-stricken Greece afloat and focus on potentially thorny IMF "spillover reports" that analyse the economic and policy actions of the world’s major economies.



"Minister Lagarde’s exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy," Treasury Secretary Timothy Geithner said in a statement.



Culled from : The Nation Newspaper