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Christine Lagarde Appointed To Head IMF

MEDEF International/French Business Confederation(PARIS) -- French Finance Minister Christine Lagarde has been appointed to lead the International Monetary Fund, replacing Dominique Strauss-Kahn who was ousted from the position amid accusations of sexual assault last month.

Lagarde, the first woman to hold the post, appeared to have the upper hand from the beginning -- though there was a push for someone outside the troubled Euro-zone and someone from a country outside the usual club of rich nations to succeed Strauss-Kahn.

The announcement of Lagarde's appointment comes just hours after the Obama administration announced its support for Lagarde.

“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 written statement.

Copyright 2011 ABC News Radio

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