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Jun 28 2011

Lagarde the New Head of the IMF

It was announced that the International Monetary Fund has appointed French Finance Minister Christine Lagarde its first female head. With the backing of China, Russia and, today, the United States, Ms. Lagarde has some very tough tasks set out for her the most important being the economic crisis in Greece:

Greek Strike Overshadows Budget Vote

Greek police fired tear gas to disperse protesters in the center of Athens as labor unions shut down government services before a vote on austerity measures that may determine if the nation can avoid a default. . . . .

Papandreou faces his second survival test in a week tomorrow when lawmakers vote on the package that’s needed before the cash-strapped nation can tap a fifth loan payment from last year’s 110 billion-euro ($157 billion) rescue. Failure to pass the government’s 78 billion-euro plan may lead to the euro area’s first sovereign default. . . .

Asset Sales

State-asset sales are the “first pillar” in any new financing package for Greece and an important factor for its European Union and International Monetary Fund partners, who are supplying the aid, Finance Minister Evangelos Venizelos said in parliament today. He spoke as a debate on the second bill, the so-called Implementation Law, began under a fast-track process, to make a June 30 deadline.

The “Shock Doctrine” in full play and the Greek people are not happy

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