BREAKING NEWS

France's Lagarde elected new IMF chief

WASHINGTON - The International Monetary Fund board on Tuesday elected French Finance Minister Christine Lagarde as the new managing director of the global lender.
"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 on July 5, 2011," the IMF said in a statement.Her win was assured after emerging powers China, Russia and Brazil declared their support for her and the United States followed with its endorsement ahead of the meeting of the 24-member board.
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