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Latino Daily News

Sunday May 22, 2011

Mexico Ready to Propose One of Its Own to Head IMF, Defying European Support for Another Frenchmen

Mexico Ready to Propose One of Its Own to Head IMF, Defying European Support for Another Frenchmen

Photo: Mexico to Nominate Agustin Carstens for IMF Leadership

Click Here to Enlarge Photo

Mexico appears set to offer its head of the central bank, Agustin Carstens, as a candidate to head the International Monetary Fund (IMF) to replace disgraced Frenchman Dominque Strauss-Kahn.

Mexico’s finance minister will present the Carstens candidacy inspite of France, Britain and Germany all throwing their support behind the candidacy of French finance minister Christine Lagarde.

The IMF is made up of 187 country members and is responsible for overseeing the global financial system.  The head or managing director was Dominque Strauss-Kahn that resigned after being charged with a violent sexual assault of a maid in his NYC hotel last week.

Carstens is in for a tough race with most managing directors coming from Europe.  However, he served as deputy managing director for three year with his term finishing in 2006.  Furthermore Mexico leads a consortium of 8 countries that control almost 5% of the votes.  Mexico currently has a $72 billion line of credit with IMF. 

The IMF is expected to conclude its search by June 30th.