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Monday, May 16, 2011

What the IMF Chief's Arrest Means for the European Debt Crisis

What the IMF Chief's Arrest Means for the European Debt Crisis
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05/16/11 St. Louis, Missouri – The big news over the weekend was the arrest of Dominique Strauss-Kahn who is the managing director of the IMF and had his sights on the French Presidency. Strauss-Kahn was arrested while sitting on a plane bound for a meeting with German Chancellor Angela Merkel to discuss the European sovereign debt crisis. His arrest will undoubtedly complicate the negotiations underway today in Europe.

While Strauss-Kahn awaits his first court appearance on attempted rape charges, Greece will be pleading their case for a restructuring of the 110 billion euro bailout they received from European governments and the IMF. Germany in particular is demanding Greece make deeper budget cuts in exchange for extending the maturities or increasing the amount of aid.

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