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IMF leadership role Lipsky's unplanned accession at the IMF led quickly to his immersion in addressing the European and Greek sovereign debt crises, a high-profile role his predecessor had been playing.
At the 37th G8 summit held on 26-27 May 2011 in Deauville, France, Lipsky had to overcome Germany's reluctance to fund another round of bailouts for Greece. He did so by threatening to withhold IMF disbursements, an action that would precipitate a Greek default -- an option none was ready to accept at that point. In the "bitter infighting,"
Lipsky was characterized in The Guardian as "less silky, much blunter" than Strauss-Kahn
Germany was forced to agree to bail out Greece for the second time in a year under strong pressure from the International Monetary Fund following the resignation last month of its head, Dominique Strauss-Kahn, the Guardian has learned. Under its acting chief, the American John Lipsky, the IMF has taken a more hardline stance.
The fund warned the Germans in recent weeks that it would withhold urgently needed funds and trigger a Greek sovereign default unless Berlin stopped delaying and pledged firmly that it would come to Greece's rescue. Senior officials and diplomats in Brussels confirmed that the IMF threat to pull the plug on its funding, in stark contrast to the more emollient line of Strauss-Kahn, had been defused because of a German climbdown.
Privately, sources said that Lipsky challenged the Germans on the fringes of a G8 summit in France almost three weeks ago, and demanded that Berlin guarantee Greece's borrowing requirements and put a figure on the pledge. The IMF ultimatum came a week after Strauss-Kahn, a former French presidential contender, resigned as IMF chief following his New York arrest on charges he denies of attempted rape and sexual assault of a hotel chambermaid.
Berlin blinked, according to participants in the negotiations, and 10 days after the IMF challenge, the Merkel government admitted for the first time that Greece would need a new bailout. But it stoked further controversy by demanding that Greece's private creditors take losses on their loans.
John Lipsky profile John Lipsky smiles and jokes easily in private meetings and in front of the cameras, but as an economist he raises few laughs, especially in Greece.
The 64-year-old interim boss of the International Monetary Fund is closely aligned with the Chicago school of economists whose adherence to free and unregulated markets in the 90s is largely blamed for the financial crisis. In the 1990s, as chief economist at first Salomon Brothers and then JP Morgan, he rode the stock market boom and lectured countries on fiscal rectitude.
He has made clear he is very different from his predecessor, Dominique Strauss-Kahn, who voiced concerns about the lack of jobs created by western governments and the potential for social unrest. In all his public pronouncements, Lipksy has read the IMF rulebook about cutting public spending to meet debt obligations.
Strauss-Kahn will be accompanied at today's crucial meeting by the president of the European Central Bank, Jean-Claude Trichet. Together they will try to persuade reluctant German politicians that aid to Greece is a necessity, not a friendly gesture. The outcome of the meeting is being keenly awaited by political and financial observers.
Originally posted by syrinx high priest
turns out it might be a conspiracy. a conspiracy of one.
allegedley, in a taped call to her jailbird friend, the accuser told him "I'm fine, and the guy is rich"
The same media, the same Prosecutors who claimed her case was 'airtight' are now throwing her and her 'testimony' under the bus. that should be a big red flag for any critical thinker.
Originally posted by matito
I could be taking this out of context since I do not know the background of this photo.
Either way, it does demonstrate some contact between them and that alone is significant.
edit on 7-7-2011 by matito because:
I'm not sure if the POTUS standing for a photo op with the managing Director of the IMF is really all that out of the ordinary.
Are you suggesting Obama set DSK up because he tried to feel up the FLOTUS?
Third, China should further its efforts to add the yuan into the basket of currencies that makes up the IMF's Special Drawing Rights. SDRs are international reserve assets the IMF allocates to member states, which the organization also uses as a unit of account. Currently, the SDR basket currencies include the U.S. dollar, euro, Japanese yen and British pound sterling.
The internationalization of the yuan can increase China's influence in the international economic system. If the yuan is included in the SDR basket, one of the many benefits for China is that the yuan will become the world's reserve currency and a means of payment in international trade. Furthermore, the inclusion of a stable yuan will make the value of SDRs more stable, and thus serve the interests of the IMF. Overall, the inclusion of the yuan in the SDR basket will be a win-win situation for both China and the IMF.
Lagarde will serve a five-year term as the IMF's new managing director. Overall, the IMF leadership selection has not only reflected the ebb and flow of different nations as well as new changes in the international economic situation and structure, but also brought China and other emerging and developing countries the opportunity to expand participation in the reform of the global financial system. It is hoped that the IMF can make satisfying progress by the time the 12th managing director of the organization is elected five years later.