Lagarde selected as next IMF chief

French Finance Minister Christine Lagarde arrives for a French Finance Minister Christine Lagarde arrives for a Eurogroup meeting at the European Union headquarters in Luxembourg. (June 20, 2011) Photo Credit: Getty Images

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WASHINGTON - French Finance Minister Christine Lagarde has been chosen to lead the International Monetary Fund. She will become the first female managing director of the global lending organization.

Lagardes selection became all but assured when the Obama administration endorsed her earlier Tuesday. Hours later, the IMFs 24-member board voted to appoint her to the position. She had also won support from Europe, China and Russia.

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Lagarde takes over at a tumultuous time. Europes debt crisis is intensifying. Emerging nations want a greater voice at the IMF. And the organizations reputation has been tarred by a scandal involving Dominique Strauss-Kahn, whom she replaces as leader.

Strauss-Kahn resigned last month after being charged with sexually assaulting a New York City hotel housekeeper.

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