Lagarde Launches IMF bid

French Finance Minister Christine Lagarde joined the race to head the IMF on Wednesday despite anger in big emerging economies over Europe’s “obsolete” lock on the job. Lagarde announced her candidacy on the eve of a G8 summit after securing the unanimous backing of the 27-nation European Union and, diplomats said, support from the United States and China, making her the overwhelming favorite to clinch the top job in global finance next month. – Reuters

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