Register now for Fin24 Dashboard and get access to portfolios, watchlists, financial comparison tools, and a whole lot more to help you achieve your financial goals.

Data provided by McGregor BFA
All data is delayed
Loading...
Where am I? Home
 
Prices are delayed by 15min.
Join the Fin24.com conversation about JSE-listed stock by using every time you tweet.

G8 leaders favour Lagarde for IMF job

May 30 2011 06:53 Reuters

Related Articles

'Time for IMF head from developing world'

Ramos weighs in on IMF debate

IMF chief rivals to be named soon

Strauss-Kahn accuser not credible - lawyers

EU sees Lagarde a 'done deal' as IMF MD

Lagarde to go on Brics charm offensive

 

Top Stories

Cell C move sparks price war

May 27 2012 11:21

There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.

Tupperware agents incensed by fakes

May 27 2012 11:49

The country's 200 000-odd Tupperware agents are angry about the counterfeit products being sold as the real McCoy.

Another golf estate victim

May 27 2012 13:09

The oversupply of golf estates has claimed another victim.

 
Share Share line Print
Paris - G8 leaders all back French Finance Minister Christine Lagarde's bid to run the IMF, Foreign Minister Alain Juppe said on Sunday, as the candidate attacked a call to investigate her role in a 2008 legal case that may harm her chances.

France was careful not to speak out about Lagarde's candidacy during a Group of Eight summit in Deauville last week but Juppe said all eight nations were firmly behind Lagarde.

"Among the eight heads of state and government, plus the president of the European Commission and the president of the European Council who were there, there was unanimous support for Christine Lagarde," Juppe said on Canal+ television.

The top IMF job is vacant after Dominique Strauss-Kahn quit over attempted rape charges in New York, which he has vowed to fight.

The United States on Sunday stuck with its policy of not announcing support for a specific candidate.

"I won't go beyond what we've said which is that we support the process that's been set up by the IMF to find a successor and we support a process that produces the best possible candidate," said Jay Carney, spokesman for President Barack Obama.

The main obstacle in Lagarde's way is the possibility of an inquiry into her role in a 2008 legal settlement involving paying $408.2m to businessman Bernard Tapie, an ally of French President Nicolas Sarkozy.

Opposition Socialist Party politicians have accused Lagarde of abusing her authority when she awarded the money to Tapie.

Lagarde, who flies to Brazil Sunday to drum up key emerging economy support for her IMF bid, questioned the legal and factual basis of the public prosecutor's call for a formal inquiry into her role in the Tapie case, saying some aspects were false in an interview with Europe 1 radio.

She has said her conscience is clear over the case.

Tapie, a former left-wing government minister who switched sides to support Sarkozy's 2007 presidential campaign, was paid to settle a legal dispute with a state-owned bank.

He had accused former state-owned bank Credit Lyonnais of defrauding him during the sale of his stake in sports giant Adidas in 1993 because the final sale price was higher than he had been led to believe.

A French court initially ruled against Tapie in 2006 but the case was still open when Sarkozy won office in 2007.

Bringing the saga to a close, Lagarde agreed to drop the judicial proceedings and submit the case to a private three-member arbitration panel, overruling some in her ministry who argued that it should remain in court.

Lagarde needs support for her IMF candidature from emerging economies which have criticised EU officials for suggesting the new head must be a European.

The only other declared candidate is Mexican Central Bank Governor Agustin Carstens.

 
 
Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
Facebook's intrinsic value
May 23 2012 11:32

When it comes to judging a company’s worth, value investors like Warren Buffett look at intrinsic value. By that measure, Facebook’s shares are worth less than $10. A Reuters analyst breaks down the math. (Reuters)

Perfin

I arranged two workshops in Cape Town at the Cape Chamber of Commerce offices as well as two computer based workshops, one on Google Adwords and another on Joomla Administrator at the training centre in Somerset West. Emarketing Workshops - http://emarketingworkshops.co.za/next-workshops 1. Interne... Read their blog...

Recently updated
Podcasts
The Sishen saga

Legal expert Peter Leon on the increasingly complex legal wrangle over the Sishen Iron Ore mine. Time: 8:17 Listen Here...

Before you list

Is the clarion call of the JSE calling? Listen to Fin24’s expert panel discussion before you list your small business. Time: 17:29

Compare and Buy

Compare and apply for hundreds of financial products from many suppliers.

Credit cards Medical aid Current accounts Think Money

Money Clinic

Money Clinic Do you have a question about your finances? We'll get an expert opinion.
Click here...

Loading...