Brazil and U.S. back Lagarde for IMF post; chances look dim for Mexico’s Carstens

Andrew OReilly – Latin American News Dispatch, 06/28/2011

Mexico’s central bank chief, Agustín Carstens, put in a good run, but it looks more likely now that France’s Christine Lagarde will be the next managing director of International Monetary Fund (IMF) after receiving the backing of the U.S. and Brazil earlier today.

An unnamed Brazilian government source told Reuters on Tuesday that the country was giving its support to Lagarde. This follows a statement by U.S. Treasury Secretary Timothy Geithner endorsing France’s finance minister.

Geithner praised Carstens for having a “strong and credible candidacy,” but the U.S. endorsement virtually seals a win for Lagarde.

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