Lagarde pledges to 'restore pride' to IMF
Friday 24 June 2011 - by Will Henley
Christine Lagarde has vowed to be "tough" with EU leaders in future negotiations over the disbursement of International Monetary Fund financial resources, if appointed its next managing director.
"If elected, I will have but one thing in mind when it comes to providing support to a euro-area member - ensuring full consistency with the fund's mission and providing for good stewardship of the fund's resources," she said.
"I will not shrink from the necessary candor and toughness in my discussions with the European leaders, on the contrary.
"There is no room for benevolence when tough choices must be made, and there is no option that does not start with difficult but necessary adjustments by the Greek authorities to restore the sustainability of public finances and to rebuild the country's competitiveness."
In response to critics who have complained about the IMF again being handed to a European, Lagarde also said she would work to open up the fund's quota system to reflect "changing economic realities".
According to her written statement, released on Thursday evening, Lagarde claimed she would "restore pride" to the international institution and repair "open wounds", seemingly in reference to the sudden departure of Strauss-Kahn, who is facing trial over attempted rape allegations.
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