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Entries in Christine Lagarde (5)

Friday
Aug262011

Obama Congratulates, Talks Business with New IMF Head

ABC/Martin H. Simon(WASHINGTON) -- In addition to various phone calls Friday regarding the East Coast's preparedness ahead of Hurricane Irene, President Obama also called Christine Lagarde, the new head of the International Monetary Fund, to offer his congratulations and talk world economics.

Here's a readout of the president's call with Lagarde, provided by the White House.

The President spoke to International Monetary Fund Managing Director Christine Lagarde today to discuss the global economic situation and recent developments in financial markets.  As this was their first conversation since her appointment as Managing Director on June 28, the President congratulated Madame Lagarde on her new role and reinforced the importance of close cooperation between the United States and the IMF.  The President and the Managing Director agreed on the need for policies that foster growth and job creation in the near term, while securing medium-term fiscal consolidation.  They also concurred on the importance of rebalancing global demand towards emerging markets.


Copyright 2011 ABC News Radio

Monday
Jul112011

New IMF Head 'Can't Imagine' US Would Default on Debt

ABC News(WASHINGTON) -- As the White House continues negotiations with congressional leaders over a budget deal, newly elected head of the International Monetary Fund Christine Lagarde says that she "can't imagine for a second" that the United States would default on its debt obligations, saying it would be "a real shock" to the global economy if no agreement is reached.

"I can't imagine for a second that the United States would default," Lagarde told ABC's This Week anchor Christiane Amanpour in an exclusive interview.  "But, clearly, this issue of the debt ceiling has to be resolved."

"It would be a real shock, and it would be bad news for the U.S. economy," Lagarde added on the threat of the U.S. not raising the debt ceiling. "So I would hope that there is enough bipartisan intelligence and understanding of the challenge that is ahead of the United States, but also of the rest of the world."

The IMF was created after World War II by the U.S. and its European allies to oversee the global economy and be a lender of last resort to countries in financial trouble, while also promoting global employment and growth.

Lagarde, who previously served as France's finance minister, said there could be "real nasty consequences," including rising interest rates, depressed stock markets, increased unemployment, and decreased investment if a deal is not reached by the Aug. 2 deadline facing the United States.

"It would certainly jeopardize the stability, but not just the stability of the U.S. economy, it would jeopardize the stability at large," Lagarde said. "And that's clearly against the purpose and the mission of the International Monetary Fund. So we are concerned and we are very much hoping that a compromise will be found before the deadline."

Copyright 2011 ABC News Radio

Tuesday
Jun282011

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

Tuesday
Jun282011

Obama Administration Backs Christine Lagarde to Lead IMF

ABC News(WASHINGTON) -- The Obama administration announced Tuesday that the U.S. is throwing its support behind French Finance Minister Christine Lagarde to take over as the new managing director of the International Monetary Fund (IMF), replacing Dominique Strauss-Kahn who was ousted from the position amid accusations of sexual assault last month.

“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.

By endorsing Lagarde, the U.S. essentially guarantees she will win the position over Mexico’s central bank governor, Agustin Carstens, who Geithner commended for “his strong and very credible candidacy.”  Lagarde would be the first woman at the helm of the lending organization.

The U.S., which has the largest vote on the IMF’s board, has been silent until now about who should replace Strauss-Kahn.  Geithner said on Tuesday that the administration was “encouraged by the broad support” that Lagarde secured from the Fund’s membership, including emerging economies.

Copyright 2011 ABC News Radio

Wednesday
May252011

French Finance Minister Seeks to Head IMF

ABC News(PARIS) – French Finance Minister Christine Lagarde announced Wednesday her desire to lead the International Monetary Fund, a role that Dominique Strauss-Kahn vacated this month amid accusations that he attempted to rape a New York City hotel worker.

Lagarde had considerable European backing for the position even before she announced her candidacy. But in what would be a break with tradition, some have suggested that the IMF’s top spot should go to someone other than a European.

The 55-year-old Frenchwoman stands one considerable hurdle. Lagarde is currently being eyed by a team of prosecutors who allege that she improperly handled a case involving a French businessman and politician early in her tenure as finance minister. Judges will decide in June whether to pursue an investigation into Lagarde’s handling of the matter.

Copyright 2011 ABC News Radio







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