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French FM Christine Lagarde began her worldwide tour in Brasil to garner support for the IMF chief job.
She is reportedly offering emerging economies a greater say at the IMF...especially in speeding-up the existing 5-year period for voting/influence recalculations.
But the 187 member IMF has already approved giving emerging economies increased voting rights and board seats by the end of 2012.
Under 2008 plans, Brasil’s IMF voting weight will go from 1.4 %...to 2.3 %...by 2012.
Today, 4 of the BRICS...India, China, Russia and Brasil...account for less than...12% of the vote.
Brasil FM Guido Mantegna says he will not oppose an EU candidate...but has not come out and endorsed Lagarde.
Russia's PM Putin has endorsed Lagarde...as have the UK, Sweden and Germany.
According to BLOOMBERG, Brasil wants Lagarde to run the IMF...only until the end of next year... when DSK's term would have expired.
Mexico's Augustin Carstens, the only other announced candidate, has kicked off his campaign in Spain.
However, many nations regard Carstens as too orthodox a market economist...even with his extensive IMF experience.
One argument against Lagarde's candidacy is...that she is a lawyer...not a trained economist.
But if selected...she would be the first woman to head the trillion dollar IMF.
