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Meaner Tougher IMF with Lagarde - by Stephen Lendman
On June 28, New York Times writer Liz Alderman headlined, "France's Lagarde Named New Head of IMF," saying:
She'll assume "one of the most powerful positions in global finance as a worsening crisis in Greece threatens the euro currency union and rattles financial markets worldwide."
Washington's choice all along, Treasury Secretary Tim Geithner endorsed her over Mexico's central bank governor Agustin Carsten, her only competitor after IMF board of directors excluded Israeli central bank governor Stanley Fischer. Allegedly because of age, he, in fact, lacked support outside Israel, and US officials stuck with traditional IMF policy of a European in charge.
An American always heads the World Bank, yet Washington dominates all international lending agencies, assuring it anoints officials heading them, public discourse notwithstanding.
On June 28, a brief IMF statement announced Lagarde's appointment, saying:
"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 July 2011." China, Russia and Brazil also supported her besides America and most European nations.
Britain's Chancellor of the Exchequer George Osborne called it "good news for the global economy and for Britain." French President Nicolas Sarkozy said about his departing finance minister, it's a "victory for France." Indeed so, as French banks are heavily exposed to Greek (and other troubled nations') debt Lagarde is mandated to protect.
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