Greece given world’s lowest credit rating, “CCC”, by S&P

June 13, 2011

[expand title=Read More] Source “The move to CCC from B reflects “our view that there is a significantly higher likelihood of one or more defaults,” S&P said in a statement yesterday. “Risks for the implementation of Greece’s EU/IMF borrowing program are rising, given Greece’s increased financing needs and ongoing internal political disagreements surrounding the policy conditions [...]

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Christine Lagarde extends her lead in the bid for IMF Managing Director

June 10, 2011

[expand title=Read More] Source Lagarde won the backing of several African leaders and the South African former finance minister Trevor Manuel ruled himself out of the contest. Lagarde’s only main opponent is head of the Mexican Central Bank Agustín Carstens. Kazakhstan’s central bank governor Grigori Marchenko recently withdrew. Carstens has not won wide support from other emerging [...]

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French candidate Lagarde, China agree: IMF selection process must be open

June 9, 2011

[expand title=Read More] Source “Speaking after meetings with Chinese leaders in Beijing to press her candidacy for the post, Lagarde said selecting the first woman to head the Washington-based agency would help improve the institution’s commitment to diversity. China, India and Brazil are among emerging economies that have demanded an end to the six-decade-old custom where the [...]

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