. Space Travel News .




.
POLITICAL ECONOMY
Lagarde 'very positive' after talks in China: AFP interview
by Staff Writers
Beijing (AFP) June 9, 2011

Lagarde urges Greek politicians to work together
Beijing (AFP) June 9, 2011 - French finance minister Christine Lagarde on Thursday urged Greek politicians to follow the lead of Portuguese lawmakers and work together to overcome the country's deepening debt crisis. "One great strength of Portugal, which I hope Greece will be able to emulate, is (that of) the Portuguese political parties and authorities to join forces and form an alliance," said Lagarde, a top contender to lead the IMF. "That was critical, critical in building and restoring confidence and it shows in the numbers," Lagarde told a news conference on the final day of her visit to China to drum up support for her International Monetary Fund bid. Portugal in April became the third country in the eurozone to seek international assistance -- a 78-billion-euro ($114 billion) bailout from the EU and IMF -- to meet its debt payments after Greece and Ireland last year.

All three of Portugal's main political parties -- the centre-right Social Democrats, who won Sunday's general election, the conservative CDS-PP and the Socialists -- signed the bailout deal. Greece -- which received a 110-billion-euro loan in May 2010 from the IMF, EU and European Central Bank -- has been plagued by political infighting and is likely to need more cash soon despite a titanic adjustment effort. Greek Prime Minister George Papandreou has failed to win support from political parties for cutbacks, and the IMF envoy to Athens noted this week that the country's recovery programme had "lost momentum". "If you take Greece, Ireland and Portugal together, they represent six percent of the eurozone GDP," said Lagarde. "Each country is important and matters. They have different categories of problems and issues to address."

France's Christine Lagarde, the frontrunner to lead the IMF, told AFP Thursday that she felt "very positive" after talks in Beijing and backed China's right to fill a top job at the global lender.

The French finance minister, seeking to be the International Monetary Fund's first female managing-director, undertook a marathon day of talks on Wednesday in Beijing, after spending the day before in New Delhi with Indian leaders.

China, India and other emerging nations have baulked at Europe's traditional lock on the leadership of the Washington-based IMF, calling the arrangement outdated, and so far have been non-committal in public about her bid.

"I am very satisfied with the meetings I've had in China," Lagarde said in an interview on the final day of her trip to the Chinese capital.

"I have a very positive feeling following these talks, but it's up to them to convey their decision. It's not up to me," she said.

"Some countries and some governments have decided to go public early. My sense is that it's too early to count the chickens," she later told reporters.

Lagarde, a 55-year-old former international lawyer, met Foreign Minister Yang Jiechi, central bank governor Zhou Xiaochuan, Finance Minister Xie Xuren and Vice Premier Wang Qishan -- China's top official on financial affairs.

On Wednesday, Yang said the race to lead the IMF was "open", echoing the lukewarm response offered by Indian Finance Minister Pranab Mukherjee after his own talks with Lagarde in New Delhi.

"We had a good discussion. She explained to me the purpose of her candidacy. I listened very carefully," Yang told reporters after his meeting with Lagarde.

"It's an open field now. There are quite a few people campaigning," he said in English. "China of course gives serious thought to this very important issue."

Lagarde is seen as the favourite to replace Dominique Strauss-Kahn, who resigned last month after his arrest on sexual assault charges. He pleaded not guilty in a New York court on Monday to the attempted rape of a hotel maid.

Two weeks ago, France's chief government spokesman Francois Baroin said China -- the world's second-largest economy -- was "favourable to the candidacy of Christine Lagarde", but did not offer any evidence to back up his statement.

China's foreign ministry subsequently said the choice of a new IMF chief should be based on "openness, transparency and merit", and better represent emerging markets and changes to the world economy.

Lagarde -- who has already visited Brazil, another major emerging economy -- has pledged to reform the IMF to give developing countries more power.

"The IMF does not belong to anybody. It belongs to the 187 members of the Fund, and the management of the Fund does not belong to any particular nation or region," she said.

"We can't effectively represent the world's economic balance of power if certain economies are under-represented," she said.

She also told AFP that it would be "very legitimate for Chinese representatives to be included at the highest level of the Fund's leadership" after Beijing expressed a wish for "better representation".

She specifically mentioned China's Zhu Min, a special advisor to the IMF chief, praising his "abilities" and saying it would be "fully appropriate if he played an important role in the management of the Fund".

But she added: "You cannot be punished because of your nationality."

Lagarde also praised Beijing's efforts to allow its currency, the yuan, to appreciate as a "positive movement" and said she hoped it would continue.

On what it would mean to be the first female IMF chief, Lagarde said it would be a "symbol of diversity", adding she hoped it would "give other women the confidence and courage to achieve what they want to achieve".

The French candidate heads on Friday to Lisbon, where African finance ministers and central bankers will be meeting for the African Development Bank's annual gathering. She then will travel to Saudi Arabia and Egypt.

The only other serious IMF contender, Mexico's central bank chief Agustin Carstens, visited Canada on Tuesday and was to head to India on Friday on a tour that has already seen him stop off in Brazil and Argentina.

The deadline for IMF nominations is on Friday, leaving little time for anyone else to emerge.




Related Links
The Economy

.
Get Our Free Newsletters Via Email
...
Buy Advertising Editorial Enquiries


IMF chief's selection to be based on merit: Lipsky
Beijing (AFP) June 9, 2011 - Acting IMF managing director John Lipsky said Thursday he was confident selection of the fund's next chief would be based on merit, as French finance minister Christine Lagarde made her case in China.

The goal of the selection process is "to be open -- open means open to everyone -- transparent, and merit-based. We are confident that that will be the result of this process," Lipsky told a news conference.

Lipsky, in Beijing for the International Monetary Fund's annual policy talks on the Chinese economy, also said it was "a complete coincidence" that his visit was at the same time as Lagarde, a frontrunner to lead the global lender.

Lagarde, in the Chinese capital to drum up support for her IMF bid, told AFP Thursday that she felt "very positive" about her talks in Beijing, and backed China's right to fill a top job at the Washington-based fund.

Lipsky said he was "highly confident that our membership will choose a leader who is talented, experienced, energetic and effective".

On China's economy, Lipsky said the country continued to be a "bright spot" for global growth and the IMF maintained its forecast for the world's second-largest economy to grow around 9.5 percent this year and next.

He also expects inflation, which has been hovering above five percent, to ease to around four percent by the end of 2011.

But Lipsky warned China faced financial risks from a massive credit binge in recent years, increased off-balance sheet lending -- apparently referring to a surge in local government debt -- and soaring property prices.

A rebalancing of China's export-dependent economy was critical for the stability and growth of the world economy, and a stronger and more flexible yuan was "absolutely part of that", he said.

Lipsky added that the yuan needed to become more freely convertible and more widely used for it to be included in the basket of currencies that determine the value of the IMF's Special Drawing Rights, an international reserve asset.

"It is certainly agreed that over time, the yuan is likely to become a candidate for inclusion in the SDR basket," he said.





. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle



POLITICAL ECONOMY
'Gang of Six' warns of problems
Washington (UPI) Jun 8, 2011
A group of U.S. senators is crafting a bipartisan plan to cut $4.7 trillion from the budget deficit over 10 years, two of the group's leaders said Wednesday. The leaders of the U.S. Senate's "Gang of Six" deficit negotiators, Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., said a bipartisan plan is necessary to put the United States on the right fiscal path. "There needs to ... read more


POLITICAL ECONOMY
Shipments Of Sea Launch Zenit-3Sl Hardware Resume On Schedule

US Army supports student launch program

Boeing Opens Exploration Launch Systems Office in Florida

Payload processing underway for ASTRA 1N

POLITICAL ECONOMY
Camera Duo on Mars Rover Mast Will Shoot Color Views

NC State Students Look To Support Manned Mission To Mars

Opportunity Studies Rock Outcrop

A Salute to the Spirit of Mars

POLITICAL ECONOMY
Looking at the volatile side of the Moon

The Power of A Moon Rock

Parts of moon interior as wet as Earth's upper mantle

NASA-Funded Scientists Make Watershed Lunar Discovery

POLITICAL ECONOMY
'Dwarf planet' is covered in crystal ice

Carbon monoxide detected around Pluto

The PI's Perspective: Pinch Me!

Later, Uranus: New Horizons Passes Another Planetary Milestone

POLITICAL ECONOMY
Rage Against the Dying of the Light

Second Rocky World Makes Kepler-10 a Multi-Planet System

Kepler's Astounding Haul of Multiple-Planet Systems Just Keeps Growing

Bennett team discovers new class of extrasolar planets

POLITICAL ECONOMY
Teledyne and Aerojet form alliance to build rocket engines

Homemade Danish rocket takes off

U.K. spaceplane passes technical review

J-2X Test Series Proves Part Integrity

POLITICAL ECONOMY
Building harmonious outer space to achieve inclusive development

China's Fengyun-3B satellite goes into official operation

Venezuela, China to launch satellite next year

Top Chinese scientists honored with naming of minor planets

POLITICAL ECONOMY
Rosetta to sleep through loneliest leg of comet mission

Comet probe to enter 'hibernation'

CU-Boulder to participate in NASA mission to land on an asteroid

ASU to build mineral survey instrument


Memory Foam Mattress Review
Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News
.

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement