Moody's announced late yesterday that it may downgrade France's BNP Paribas, Société Générale and Crédit Agricole due to their holdings of Greek. It also said it was looking at other banks for possible downgrades.
This is why France is so frantically trying to insure that the French finance minister, Christine Lagarde, becomes the next president of the IMF. French banks have heavy exposure to Greek debt and, the French want the IMF to bailout Greece and the other PIIGS for the benefit of their banks. Since the U.S. continues to be the largest contributor to the IMF (17.3%), an IMF bailout of the PIIGS means the largest portion of an IMF bailout will be borne by U.S taxpayers. All for the benefit of the banksters (French Edition, this time)
Does anyone know if there is any resistance to Lagarde becoming head of IMF?
Yeah, pretty much everyone who isn't from the West is against it.
I hope bloomberg is wrong on this, but I doubt it, which makes DSK arrest even more suspicious (though he is a creep too). Greece will be bailed out it looks like by end of summer. Hopefully you there is enough resistance from the east but doubt it. sorry shouldn't of been so lazy and researched beforehand. :)
If true that the IMF job comes down to Lagarde and Mexico's Carstens, then the French win again. I'm frankly surprised that the Managing Director's spot will be a back-to-back victory for France given the propensity for Euro zone kleptocrats to pass the baton around. A German economist or banker would have been my guess.
Many strong candidates have likely passed on the opportunity, however. Akin to the captaincy of the Titanic. Would you want the job when the Euro and European Union crashes and burns? Great resume builder and a very short tenure for Madame Lagarde.