U.S. formally backs Lagarde for IMF chief

Reuters News
Posted: Jun 28, 2011 8:38 AM

WASHINGTON (Reuters) - The United States supports French Finance Minister Christine Lagarde to take over as the new chief of the International Monetary Fund, Treasury Secretary Timothy Geithner said in a statement on Tuesday.

The U.S. endorsement virtually seals a win for Lagarde over Mexico's central bank governor, Agustin Carstens, whom Geithner commended for having put up a "strong and credible candidacy."

Geithner said Lagarde's "exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy."

(Reporting by Glenn Somerville, editing by Neil Stempleman)