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peppertree's JournalGeorgieva tapped as EU candidate to lead IMF after bitter vote
Kristalina Georgieva, the World Bank‘s chief executive, was selected by European governments as their candidate to head the International Monetary Fund following an acrimonious process in which the result was initially contested by some member states.
If Georgieva wins the backing of the IMF board in the autumn, she will succeed Christine Lagarde and confront a world economy at its weakest since the aftermath of the financial crisis and threatened by escalating trade tensions.
Friday’s voting came after European Union governments struggled to rally behind a single candidate during weeks of talks.
The conservative Georgieva, 65, succeeds interim director David Lipton, who like Lagarde, has reaped criticism for a record, $57 billion bailout of Argentina - 61% of the Fund's total loan portfolio.
Of the $45 billion disbursed since June 2018, 77% has been used to finance capital flight - against the IMF's own rules.
At: https://www.bloomberg.com/news/articles/2019-08-02/eu-fails-to-name-imf-candidate-as-process-thrown-into-confusion
Georgieva and EU Commission President Jean-Claude Juncker.
If confirmed, Georgieva inherits one of the most complicated situations in the IMF's 73-year history:
A $57 billion bailout of Argentina's right-wing Macri administration - granted at Trump's insistence to promote Macri's unlikely re-election this year - is considered unpayable by most analysts, without converting the 4-year standby credit facility into an extended fund facility (with much longer repayment terms).
The Argentina bailout represents 61% of the IMF's loan portfolio, creating a major solvency risk for Fund should Argentina default - as 30 other countries have in the past, albeit for smaller loans.
Body found in France's Loire River confirmed as music fan missing since police raid
A body found in the River Loire is that of a man who went missing after French police raided a music festival last month, local officials say.
They say Tuesday's autopsy on the badly decomposed body found close to the festival site in Nantes confirmed it was Steve Maia Caniço, 24.
Fourteen other people were rescued from the river soon after falling in during the police crackdown on 22 June. An inquiry has found no link between the raid and Caniço's disappearance.
Since Caniço's disappearance, posters have been put up in the area around the western French city that read "Où est Steve?" (Where is Steve?).
At: https://www.bbc.com/news/world-europe-49171906
Steve Maia Caniço, 1995-2019.
Caniço disappeared 38 days earlier during a violent police raid on a Nantes music festival, in which tear gas and rubber bullets were fired.
He apparently drowned in the Loire, near the site of the raid - though previous searches had failed to uncover the body.
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