President Obama talks first time with the new IMF chief over global issues. The White House agrees with Christine Lagarde (lah-GAHRD’) considering the global need for formulating policies for creating jobs and inducing economic growth.
The two diplomats agreed on recognition of emerging economies like China for their contribution to the growing pace of global economic growth.
Dominique Strauss-Kahn had joined IMF as its managing director in 2007, supported by Sarcozy, France’s president. He continued working with the organization until May, 2011. Kahn is also a professor of economics at the Paris Institute for political studies. He resigned from the post when charged of sexual assault were made against him.
Lagarde has achieved the post as the first woman to head the International Monetary Fund. She also hails from France.
She was a lawyer by profession and also worked as Minister of economic affairs, finance and industry, agriculture minister and trade minister for France.
French banks are going to pay for help the Greece which is ridden with crisis to overcome a sovereign default. The payments are to be done in the US credit markets. The French banks were charged interests in higher rates on US short term borrowing arrangement. This was done at a rate other what was granted to their European rivals. This is after the French bank has cemented their links to help the Greek debts.
However in the long run these higher rates may turn out to be lower price in paper work, and it may benefit the French banks after all.
They may be some hardships in terms of the rollover but in the long term the they could gain by avoiding further disruptions. Investors are charging French banks more than they do to banks from dutch germany when when they decide to buy any US short term obligations. This is because the French banks more any other banks are more exposed to the Greek debts.
The move by the French banks mark the progress in the Greece debt problems from turning into a global economic crisis. The worry in the US market is centered on how the French banks are going to suffer from that deal in an event that the Greece parliament passes some measures within the week.
Pro-government security forces in Libya have been accused of violating human rights in suppressing the rebellions who demanded ouster of Gaddafi government. The security forces were found using cluster bombs according to a human rights group. These bombs are prohibited in more than 100 nations of the world.
Human Rights Watch stated that there were projectiles found being launched in Libya that exploded near Misrata in Libya. However the administration denied the allegations.
The international Convention on Cluster Munitions which was adopted in Dublin by the international community in 2008 bans its 108 signatories from using cluster bombs due to its severe impact on human lives.
The Gaddafi-supporting security forces are continuously pushing rebellions out of their strongholds and Misrata is the only city left in their hands so far.
According to a report, Misrata residents are scared of a possible massacre in case they do not receive immediate help from the NATO-led international security forces
The meeting of global diplomats in Berlin, which was led by NATO ministers, did not reach any commitment over contributing warplanes.
The US, UK and France expressed in a joint statement that without forcing Gaddafi to resign, it would not be possible to safeguard the life of Libyan people. Russia urged NATO not to go beyond UN Security Council’s mandate for protecting Libyans.
Washington: In a meeting at the White House, US President Barack Obama signed an agreement with his French counterpart Nicolas Sarkozy to move together toward strengthening the global economic recovery.
The meeting was given due importance considering the fact France is a member of both the G8 group and G20. Later this year, both the G8 and G20 summits will be held in France.
While addressing the media on the occasion, President Obama said that the world is still in the process of recovering from the terrible recession and there is lot of things to be done to come out from the prolonged crisis.
Both Obama and Sarkozy stressed on the need to rectify the imbalances in the fiscal policies of governments across the world and held the wrong policies responsible for hindering economic development. Sarkozy further said that 2011 will notice a comprehensive solution to tackle current economic imbalances and issues. The world need to take a structural view of current problems and should act accordingly, he said.
The talks between both the presidents stretched further to the lunch session for the additional dialogs on several other issues like war in Afghanistan, Iran nuclear issue, Middle East development and the Ivory Coast political crisis.
Sarkozy expressed his deep condolence toward the victims and families of the Saturday shooting incident in which Congresswoman Gabrielle Giffords was seriously injured and six others killed.
Gbagbo(L) Ouatarra (R): both claimed the presidency in polls after civil war
The Economic Community of West African States (ECOWAS) appealed to Ivory Coast’s President Laurent Gbagbo to resign, and avoid ‘unnecessary bloodshed’ in the country. There were violent clashes in Ivory Coast following Gbagbo’s denial from stepping down on Thursday and many protesters were killed.
Sonny Ugoh, ECOWAS communications director stated that there was an international consensus to pressurize Ivorian president to resign from the post and give power to the former Prime Minister Alassane Ouattara.
The ECOWAS official justified the demonstration by the supporters of former Prime Minister Ouattara unless they were violent. He said that the government of Ivory coast should not suppress people’s right to demonstrate. A senior official of the US State department revealed that the United States would impose sanctions against Mr. Gbagbo if he continued to deny from resigning. France and the African Union have also issued similar warning against the Ivory Coast president for his undemocratic behavior.
More violent protest followed the warnings by different countries. There were clashes between the pro-Gbago troops and Ouattara supporters in the city of Abidjan and also in the central Ivorian city of Tiebissou, leading to death of 30 people reportedly.
Mr. Ouattara appealed to his supporters to take hold of administrative buildings which were still under control of Mr. Gbagbo.
President Laurent Gbagbo and former Prime Minister Alassane Ouattara both declared themselves as winners in the previous polls after the 2002 civil war. The voting was done in order to reestablish peace in Ivory Coast after the civil war. The ECOWAS official feared that the current crisis might hamper the economic development in the entire West African region.