Lagarde remains popular in France and is appreciated for the work that she has done during the economic crisis. Now more than ever, it's also a good idea to change the old boy network and have a woman in charge of the IMF. Bloomberg:
“We want to see an open process that leads to a prompt succession,” Geithner said in a statement. John Lipsky, the Washington-based IMF’s acting managing director, “will provide able and experienced leadership to the fund at this critical time for the global economy,” Geithner said.DSK has won his bail release and will start his defense for what looks like a very difficult trial. CNBC is reporting that he has a comfortable pension of $250,000 per year waiting for him upon retirement. A state pension from France is also waiting which will be healthy, though perhaps not as healthy as the pension from the IMF.
European officials moved to maintain control over the institution that approved a record $91.7 billion in emergency loans last year and provides a third of the euro-region’s bailout packages. Italy and Sweden backed Lagarde, and Handelsblatt newspaper reported that the German government is preparing to support her.
“I would argue that Christine Lagarde has outstanding credentials,” Swedish Finance Minister Anders Borg said in a Bloomberg Television interview yesterday. Her gender is an “advantage” since “half of the world has not been represented as managing director” of the IMF, Borg said.
