25 May '11, 12am

Emerging nations slam Europe's push for IMF top job

WASHINGTON: The world's largest emerging economies on Tuesday slammed Europe's push to lock up the International Monetary Fund's top job, calling its hold on the managing director position "obsolete." One day after nominations opened to replace Dominique Strauss-Kahn, IMF directors from China, Russia, Brazil, India and South Africa - the so-called BRICS economies - said that the longstanding deal that has allowed only Europeans to lead the IMF "undermines the legitimacy of the Fund." They strongly objected to the aggressive push by Europeans in thee past week to have one of their own to replace Strauss-Kahn, who resigned on Wednesday after being arrested in New York on sexual assault allegations, which he denies. "We are concerned with public statements made recently by high-level European officials to the effect that the position of managing director should continue to be...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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