Wednesday, July 18, 2007

Opposition to DSK as IMF Chief

Opposition to Dominique Strauss-Kahn's candidacy to become head of the IMF is developing in the Third World. Finance ministers in Brazil, Colombia, and Argentina have challenged the "European lock" on the post as "archaic," and South Africa has joined the protest, which is not likely to succeed, although Brazil is seeking to involve India and China, a move that would add financial clout to the protesters' camp if successful.

Hugo Chavez has challenged the IMF more directly in recent years by using his petrodollars to help Argentina pay off its debt to the organization. DSK has sought to head off the revolt by promising to redefine the role of developing countries within the IMF.

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