Entries in Christine Lagarde (4)


IMF Chief Lagarde Urges for Coordinated Policy at Jackson Hole

Bloomberg/Getty Images(JACKSON HOLE, Wyo.) – IMF Chief Christine Lagarde urged the United States to take action to save the European economy at a U.S. Federal Reserve meeting in Jackson Hole on Saturday.

Lagarde warned that the global economy has not recovered at a sufficiently smooth pace. She requested that the U.S. and the E.U. coordinate their economic policies.

The speech was Lagarde’s first major appearance since taking over the IMF in July following the Dominique Strauss-Kahn scandal.

Copyright 2011 ABC News Radio


IMF Approves $4.6 Billion Loan Payment to Greece 

Paul J. Richards/AFP/Getty Images(WASHINGTON) -- The International Monetary Fund approved a $4.6 billion payment to Greece under a joint loan with the European Union Friday.

This effort is part of the most recent installment of a rescue package aimed to assist the country’s recovery from an imminent debt default, while buying policy makers time to develop a second rescue package.

European finance ministers authorized the unblocking of 8.7 billion euros last week as discussions continued on how to include banks and insurers in a new package for Greece, which can’t return to markets next year due to surging borrowing costs. The option of involving the private sector has been criticized by the European Central Bank because it could trigger a partial default.

The IMF, whose loan to Greece under the initial joint 110- billion-euro package is the second-highest in fund history, hasn’t publicly discussed its participation in a second bailout.

Copyright 2011 ABC News Radio


New IMF Director: Economy Still Fragile

Brendan Smialowski / Getty Images(WASHINGTON) -- The International Monetary Fund's new managing director, Christine Lagarde, said Wednesday that while the world's economy is improving, it remains fragile.

"When we look at our growth forecasts for 2011, 2012, we are clearly on the rebound and things are improving and are getting better when compared with the situation as it was in 2009 at the height of the crisis," Lagarde said at her first news conference as the IMF's new leader.

During the conference, Largarde outlined her vision for the IMF, identifying the debt crisis in Greece as the first issue she will address.

Lagarde succeeded Dominique Strauss-Kahn who resigned in May following allegations of sexual assault in New York. Lagarde would not comment on her predecessor's legal troubles.

Copyright 2011 ABC News Radio


French Finance Minister Working with U.S. to Avoid Second Near-Collapse

Photo Courtesy - ABC News(WASHINGTON) -- French Finance Minister Christine Lagarde says she's hopeful that the proper mechanisms have been put in place to prevent another near-collapse of the worldwide financial system.

"We've been working really hard in the last two months to put in place what our leaders decided was needed: an alert control system, a supervisory system, discipline in the markets," the minister said in an exclusive interview with ABC News. "But it's a constant job because markets are very agile and they reinvent new schemes."

Lagarde spoke to ABC following a meeting with her U.S. counterpart, Treasury Secretary Timothy Geithner.

“In terms of growth versus austerity, it's the policy that we've adopted in pretty much all European countries [that] we need to address both issues. If we do not reduce the public deficit, it's not going to be conducive to growth,” she said.

“People worry about public deficit. If they worry about it, they begin to save. If they save too much, they don't consume. If they don't consume, unemployment goes up and production goes down. So we need to attack that circle from the deficits," Lagarde said.

Recently named to Forbes' list of 100 most powerful women, Lagarde is the only female finance minister in the Group of Seven industrialized countries.

Copyright 2010 ABC News Radio

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