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Update: IMF Makes Lagarde Of France Its New Leader

1:40 p.m. ET: As expected, "French Finance Minister Christine Lagarde is chosen to lead IMF; first woman to hold top job," The Associated Press reports.

Our original post — "U.S. Endorses French Finance Minister's Bid To Head IMF":

Praising her "exceptional talent and broad experience," U.S. Treasury Secretary Timothy Geithner this morning announced that the Obama administration supports the selection of French Finance Minister Christine Lagarde to be the managing director of the International Monetary Fund.

Now, Bloomberg News says, with the support of the U.S. and Europe "Lagarde has more than half the votes needed to win the top job when the IMF board meets later today."

She would replace Dominique Strauss-Kahn of France, who resigned after being arrested in New York City on May 14 for an alleged sexual assault on a maid at a Manhattan hotel.

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