i mean do you have a sigh of relief now for the imf's bank accounts? 't forget we are engaged with three countries. greece is one but you also have ireland and portugal. so i was very, very pleased to see that the extended maturity, reduced interest rates would apply not only to greece but also to ireland and portugal. and that's really a move in the right direction because it makes the -- it lients the burden, so to speak, and it will make, you know the task of reimbursing, reforming, organizing the fiscal consolidation easier for all three countries. >> in the past you've been in these meetings as the finance minister of france. you're now the head of the imf. anything different? were you there as a consensus builder today? >> all i can tell you is that the president has present eed a standing invitation for me to attend so he was probably happy with me. >> is it different from where you're coming from? you have a very different role to play. >> yes, it was different actually. it was different in the sense that we have partnered with the european memb

. >>> on thursday greece voted in5 keep the imf and policymakers happy. ys oflpÑi substank gains, european investors itxd seems appear t)@ on this friday fásession. most of the markets broadly opening flat. here's where they stands --t(jf1 a major impasse seems to have been to a certain extent resolved. in the asia pac.íujt)jz stock gñ headedfá higher in tra% on the back of wall street gains and the second greek austerity vote. data still revealed a slump in chinese manufacturing. and that, in turn, pushed the shn>!% composites down. this isc()! day, as you can see. it ended down by north ok.1%, heavier losses from theok marke in australia. we have the seoul kospi, a market that rose up by 1.2%. in the meantime>/s wall street, investigators were feeling bullish as they rounded out the first v!jtc year of trading. strong manufacturing data and fading fears about the greek debt crisis dide1 manage to hel producee1 hefty gains, between and 1.25% int( the majorr the dow industrial average up the mos+gñ that 6a+. >>>lp in the meantime news that could have bear

i feel a member of the entire community. >> there are 187 members of the imf. there has been 11 managing directors. five of them have been french. is it something in the wind that makes french people particularly good at running ims? >> that gives us a longevity. "she spent half a first school days at this private school and outside of washington. she made her name as a lawyer working for a u.s. legal firm. this all goes down very well with the americans. most imf officials are economists. she is not. she was the first woman to chair a u.s. law firm. friends say that makes her more than ready to run the fund. she also lost her predecessor was arrested on sexual assault charges, which might be dropped. >> you don't have the director leave without suffering as a result. >> she thinks that the crisis in europe could have been reached -- could have been done better. >> we will have to reach everyone. >> including investors? >> private sector, international institution that, if they will participate. it will have to be comprehensive and cohesive and not -- as sometim

i feel a member of the entire community. >> there are 187 members of the imf. there has been 11 managing directors. five of them have been french. is it something in the wind that makes french people particularly good at running ims? >> that gives us a longevity. "she spent half a first school days at this private school and outside of washington. she made her name as a lawyer working for a u.s. legal firm. this all goes down very well with the americans. most imf officials are economists. she is not. she was the first woman to chair a u.s. law firm. friends say that makes her more than ready to run the fund. she also lost her predecessor was arrested on sexual assault charges, which might be dropped. >> you don't have the director leave without suffering as a result. >> she thinks that the crisis in europe could have been reached -- could have been done better. >> we will have to reach everyone. >> including investors? >> private sector, international institution that, if they will participate. it will have to be comprehensive and cohesive and not -- as sometim

the measure between the eu and imf cannot be assessed properly. the rating agencies' comments are somewhat inappropriate. >> lisbon has received a 78 billion euro rescue package from the eu and imf. in return, they must cut their annual deficit from 9.1% of gdp to 3% by 2013. the european commission believes that the portuguese plan will be successful. >> with all due respect to that specific rating agency, our institutions know the situation a little bit better. our analysis is more refined and complete. there is no reason to be distracted if we stick to the considerations. growth will return. >> rating agencies to not reveal how they reach their conclusions. markets around the world listen carefully to what they say. >> onto wednesday's market action in european shares struggled as investors reacted to mixed messages on credit ratings and the validity of fresh downgrades. our correspondent gave us this summary of the trading in frankfurt. critics here on the floor say that rating agencies have been wrong too many times to have such power. >> on t

but in other respects, there are 187 members in the imf. there have been 11 managing directors. but they have all been european and five of them have been french. i asked her whether she felt her credibility was undermined by the fact that she was just another european. >> you may have noticed that before i was elected i went around the world, essentially to explain what i stood for. i made a point of visiting emerging market economies, because there were comments and concerns that this was yet another european. i made it clear that i was coming as a candidate caring as much for emerging market economies, low-income countries , as it developed economies, including the european ones. >> i talked to her later on and joked to her that was there a particular something about french wine, perhaps that may do very good at running the imf. she said it may be improves your longevity. she used it as a way to say she expected to go the full five years in office, a comparison to her predecessor, who left early. >> she is taking over in a time of controversy. i am not sure we would be so focu

she has to bring up the reputation and the stature of the imf. even though the sexual assault charges of dominique strauss- kahn -- against her predecessor, dominique strauss- kahn, looks likely to be dismissed -- it was not terribly flattering for the organization. there is a need to restore the representation -- reputation of the organization. >> are there any tools in the box of the imf that she can use, that have not been used yet, to change things? >> how long will the imf and european union insist on this issue that greece shall not be allowed to default? it is increasingly obvious to the private sector that greece is bust. christine lagarde was one of the most inflexible and stalwart defenders of this policy. i think there will come a time when that task to change. she will have to find a way to repudiate her previous dispute. these things can be papered over. politicians are expert at finding ways to say that what they are saying is consistent with the opposite and i said before. >> let's look at america. it is not just europe that is faci

we depend on each other, all of us. >> owen kans gave a famous speech about the imf. f many colors to reflect the many parts of the world he or she was meant to represent. i look at you. you're wearing this very conservative gray. are you going to buy a new coat? >> that's because i came to new york. i have this sparkling and animated broach to indicate the colors. >> christine lagarde, pleasure to have you on. >> thank you. >> and we will be back. but for some of us with overactive bladder, our pipes just don't work as well as they should. sometimes, i worry my pipes might leak. but i learned there's something more i can do. now, i take care with vesicare. once-daily vesicare can help control your bladder muscle and is proven to treat overactive bladder with symptoms of frequent urges and leaks day and night. if you have certain stomach or glaucoma problems, or trouble emptying your bladder, do not take vesicare. vesicare may cause allergic reactions that may be serious. if you experience swelling of the face, lips, throat or tongue, stop taking vesicare and get emerg

needy reminding that in the 1970s the imf bailed out their government? >> i know the prime minister will want to deal with the first part of the second but the second part because it was disorderly. >> i absolutely agree with what my honorable friend said yesterday that the labour party oppose our involvement in the imf. britain is a serious global economy. we should take responsibility for serious global issues including through the imf. >> david simpson. >> thank you, mr. speaker. does the prime minister agree that details of all the weapons and explosives the state mmission in northern ireland should be made publi as promised? and will he agree to have negotiations with the irish government to move forward to the americans to see that it happens? >> well, the point is the independent international commissioning -- commission on decommissioning did not provide us with an inventory. they were an independent body and this was a decision for them to take, difficult i kw as that is. they stated, and i quote, we would not quiche in advertently decommissionin

. >>> then the new imf head christine lagarde on the grave risk posed by a u.s. default and dominique strauss-kahn's spectacular fall from grace. >>> plus the shocking scandal shaking britain and threatening rupert murdock's media empire. >> announcer: live f fm the newseum in washington, "this week" with christiane amanpour starts right now.. >>> welcome to the program, lots to get to today. but first some major news in the high-stakes negotiations over raising the debt ceiling. late last night house speaker john boehner abruptly reversed course and abandoned the debt efefrt to strike a sweeping $4 trillion debt reduction deal with president obama. boehner is pushing for a scaled package, a move that received stiff oh position from the democrats, all of this hours before the speaker and president meet face-to-face a new round of talks. abc's jonathan karl joins us with more. where do things stand heading into tonight's meeting. >> reporter: a compromise that would have dealt with the debt crisis is dead but there's major negotiation to be done. le federal govern

running the imf. what do you think about a woman who has come in behind him. is there irony or is there a lesson to be learned there. >> there were people who had advocated for christine lagarde based solely on her gender. she is a qualified person, you a i think that electing a woman just in the wake of that was sort of a silly thing. but i think she will -- there are obviously major institutional hurdles to overcome in the imf overall. it remains to be seen how that will work out. >> kim, do you think -- there's a chance he could consider a run for president in france? to you think there's any way to get his reputation back from this, or do we have to see it play out? >> i think it depends on the outcome. i was happy to see christine lagarde there. she was named the top finance minister in all of europe from among all of the male ministers, and it's very, very highly thought of. and i don't think it is because she is a woman. i think it's because she was the top candidate. >> well and certainly have

her first day on the job as the head of the imf. we'll look at the kind of leader that lagarde is bound to be. >>> a place where money seems to be no object. and gracing group buying sites. ♪ sing polly wolly doodle all the day ♪ ♪ hah nymex trieding down on 28 cents on the dollar. from cnn london, this is "world business today." welcome back. a die after winning thailand's general election, the new prime minister has announced her government will reopen an investigation into her brother. he is the former prime minister. his corruption conviction back in 2008, sparked political violence that claimed more than 90 lives last year. the new prime minister's says that reconciliation is an urgent task. >>> japan's reconstruction minister resigned on monday, after making comments that were widely seen as insensitive. he told the government, we do not help people. the minister held his job for only about a week as a result. his resignation is the latest headache for the prime minister now. >>> and the journalist, is filing sexual assault cha

the imf calls on countries to take action to stop the crisis from spreading. amnesty international says the recruitment of soldiers is systematic. broadcasting to viewers on pbs in america and around the world. british prime minister david cameron will make a statement to the house of commons today. the latest developments in the phone hacking scandal. testimony on tuesday by rupert murdoch, the media tycoon's as it was the most humble the day of his life. but he refused to take personal responsibility for the crisis which engulfed the news of the world. >> of the most powerful and feared a media mogul. the policemen are there to protect rupert and james murdock, not take them in the questioning. be tycoons wife was behind him offering physical and emotional support. his son sat anxiously and protectively at his side. >> i would like to say how sorry i am and how sorry we are. >> barred from reading a script that apology, he wanted to deliver one line. >> i would like to say one sentence. this is the most humble the day of my life. >> whose fault was the crimi

ai, it's been a few days since the new imf chief was selected. >> that's right, catherine, and she actually just held her first news conference. the new head of the international monetary fund has pledged to address greece's fiscal crisis and other pending global issues promptly. imf managing director christine leguard held her first news conference since her inauguration at the imf headquarters in washington on wednesday. lagarde cited debt crisis among industrialized nations and inflationary pressures in emerging countries with overheated economies as major issues for the imf to tackle. >> you know, you have the pressing, immediate issues, but it's a very broad-based issue that needs to be looked at as a matter of urgency. >> lagarde was also positive toward calls by china and other emerging economies about installing an extra deputy imf chief to better represent them in the organization. she said she and other imf executives will discuss the matters in a few days. it's thought that china will get the extra post if it is actually set up. >>> european commission president jose manuel baros

the former imf chief said that the prosecution itself raised doubts about the woman who tried to rape her. >> the strength of the case has been affected by the substantial credibility issues, we are not moving to dismiss the case. >> since the cases now weaker, the judge released mr. strauss- kahn from his district -- strict bail terms. >> we have maintained that he is innocent of these charges this reinforces our conviction that he will be exonerated. >> this all started at this manhattan hotel. and made claimed that -- a maid claimed that mr. strauss-kahn tried to rape her. she now confesses to cling in another room before reporting the attack. prosecutors said that she lied about being raped in guinea. for lawyer gave a graphic account of the injuries she sustained. >> the medical evidence supports the victim's account. of the forensic evidence supports the victim's account. she was taken from the hotel and hospital in an ambulance. a grand jury has already found her account credible. >> dominique strauss-kahn was forced to resign as head of the imf of the greek economy was in cris

investigation into these alleged crimes. >> her allegations have ended his career as director of the imf and put his ambition to be the next president on france on hold. prosecutors say they have evidence of a sexual encounter so they have not moved to dismiss the charges but defense attorneys called this a very good day. >>> former monterey congressman lauren bacall begin his new job at secretary of defense. he was sworn in and arrived at the pentagon shortly after for first day on the job. he replaced robert gates. one of the first things he did was send a message to all troops and their families. >> as secretary of defense i will work to ensure that our nation continues to have the best trained, the best equipped and the strongest military in the world. >> he had been director of the c.i.a. for the past two and a half years. >>> it will no longer be burger and fries at some fast food restaurants. you'll have to show your i.d. if you want to buy beer and wine. burger king opened bars in some areas. restaurants say they are trying to compete with casual dining. critics say fast food and

the former imf chief said that the prosecution itself raised doubts about the woman who tried to rape her. >> the strength of the case has been affected by the substantial credibility issues, we are not moving to dismiss the case. >> since the cases now weaker, the judge released mr. strauss- kahn from his district -- strict bail terms. >> we have maintained that he is innocent of these charges this reinforces our conviction that he will be exonerated. >> this all started at this manhattan hotel. and made claimed that -- a maid claimed that mr. strauss-kahn tried to rape her. she now confesses to cling in another room before reporting the attack. prosecutors said that she lied about being raped in guinea. for lawyer gave a graphic account of the injuries she sustained. >> the medical evidence supports the victim's account. of the forensic evidence supports the victim's account. she was taken from the hotel and hospital in an ambulance. a grand jury has already found her account credible. >> dominique strauss-kahn was forced to resign as head of the imf of the greek economy was in cris

." >> the sexual assault case against former imf chief dominique strauss-kahn may be close to collapse. the case is back in a new york court with a report suggesting prosecutors have doubt about their key witness. welcome to "gmt." also in the program -- the chinese communist party celebrate its 90th birthday. do mao and market capitalism makes? and well the king's political concessions satisfy his people? it is midday in london, 1:00 p.m. in paris and 7:00 a.m. in the morning in new york city where there has been another twist in the extraordinary legal case involving the former imf chief dominic strauss-kahn. he faces charges of sexual assault following accusations made by a cleaner and a manhattan hotel. according to "the new york times" prosecutors have grave doubts about the credibility of her -- and their key witness. a court in manhattan will consider relaxing the bail conditions imposed on mr. strauss-kahn. christian frazier is in paris. >> thank you very much. great anticipation building here in paris. everybody waiting to hear what the prosecution says in the the scheduled co

or the imf for six decades. >> everybody needs to be a party to that. and clearly the people have to see that past the period of fiscal consolidation that other people call austerity, there will be a path for growth. there will be a path for jobs. it's about making sure that the economic players will be able to create, will be able to employ, will be able to invest in research and development. that's what we aim at. >> and so as you take this job, you think about the imf, for much of the postwar in the past decade, the three big economies that have supported it, u.s., europe and japan are all in serious trouble. do you think the collectively there is enough political will but also financial wherewithal to actually whether this without slipping back into further global recession? within we certainly don't want a global recession. that's for sure. it's, you know, it's a turn of the will. we had the latin american countries in difficulty in the '80s. we had the asian crisis in the 90s. at the moment clearly the financial crisis that started in 2-- late 2008

full for bbc world news america, dominique strauss-kahn as his failed relax as the case against the former imf chief starts to crack. mass protests we through syria as some of the largest protests to date are held against the government. cue the celebration, 590 years old, ominous party of china is out to prove they're still the party to be reckoned with. -- the communist party of china is out to prove they're still a force to be reckoned with. as if there was enough and often extraordinary developments in the case of dominique strauss- kahn, today produced another twist. he is freed from house arrest. the terms of his bail for release after prosecutors released doubts about the credibility of the woman who tried -- to accuse him of rape. dominique strauss-kahn for arrived at court. the media reported that the case against him was on the brink of collapse. the former imf chief said that the prosecution itself raised doubts about the woman who tried to rape her. >> the strength of the case has been affected by the substantial credibility issues, we are not moving to dismiss the case. >> since t

the way the imf acted. the way the imf asked him to dismiss, resign without knowing anything.u. shame on you. you have the maids and you have the beaurocracy of the imf saying the same, shame on you. >> some of your most pointed and many people think legitimate criticisms related to the american media. it spared no opportunity, no chance to pile on to lacerate and destroy the reputation of dominique strauss-kahn. the first amendment is sacred. the first amendment that permits the press to do that. many view it as the mechanism by which we control and restrain those who are too powerful in government or elsewhere. how would you suggest? what is your answer to the problem if you begin to restrain the media. don't you end up with government that knows no boundaries? >> no. i don't believe in restrain. i believe in market. i hope that the writers of new york post and daily news will know from now the newspapers are not readable. i hope that they will send a real warning to these newspapers who say black one day and white the other day. this is not serious. there is a real necessit

she is the first woman to head the imf since it was created 70 years ago.the imf is king a leading role in the year as of the crisis. and in the bailout of greece. she is expected to make her fit public appearance on wewednesy. >> we have a world cup action for your right now. germany is facing off against france. both teams are through to the final, but there is the top spot to play for and the score with about 15 minutes of play, the winner of that match will face japan in the next round. they came second after losing earlr today. here's a look at the action so far. >> england took the lead after 15 minutes when she spotted them and punish them. japan started a slight favorite, but she kept her cool. japan go through to the quarter final stage. mexico also have a chance of progress in here a just after to an attack. to-0 aft half an hour theory aha a health of making the quarter finals of of credit when new zealand had back twice in the dying minutes. and then in the fourth minute, they secured the first ever a world cup points in the been the campaign on

. >>> the former head of the imf walked out of court free without bail this morning after a bombshellhat could cripple the sexual assault case against them. prosecutors have reasons to not fully trust the hotel maid of her accusations of rape. >> dominique strauss-kahn walked out of court free on his own recognizance. they had reasons to reais says their case. >> although the case has been affected by the substance credibility issues we are not moving to dismiss the case at this time. >> they uncovered financial and telephone records that could link the hotel maid to criminal activity. a potential bombshell. he has been under home confinement from this manhattan apartment. 24-hour surveillance and electronic monitor. that was lifted during the hearing and the lawyers said they were thrilled. >> i think it's appropriate that on the eve of independence day we get to celebrate for dominique strauss-kahn and his family a bit of personal independence. >> a lawyer for the alleged victim, hotel maid who was an immigrant was outraged. >> only defense that dominique strauss-kahn has is that th

>>reporter: the fact the government backtracked on its initial acceptance of the imf loan suggests some indication of the way the wind is blowing. and there's no doubt the muslim brotherhood would like a country living under a stricter interpretation of islamic law. yet, analysts point out, economicliberalization helped egypt attract some forty seven and a half billion dollars in foreign investment over the last 6 years. and the fundamental reasons as to why that money arrived have not changed >>blair: the main parameters are still there. good demographics, significant liquidity, low labour costs, geographical position, all of that will augur well but again whoever comes into power will need to know that and need to know that they need to maximize as much as possible government policy to ensure that you are maximizing economic growth. >>reporter: the main thing egypt needs, is more jobs; and that requires investment. investors, though, prefer stability and the country's future remains uncertain. it can't help either that when they turn on their television sets; they see the pictures of

once considered a candidate for french president he was forces to step down as head of the imf. today a judge is expected to ease the conditions. >>> coming up, a big problem. >> i didn't want to live like that. >> the south bay renter with an infected problem and no one willing to help. >> and firefighters are more confident they can keep a major wildfire from reaching the nation's top atomic lab. >> and royal couple will make their debut as royal newlyweds. (announcer) while there are some home disasters you can't avoid, there is one you can. septic system breakdowns affect 1.2 million homes each year. septic backups can cost about six thousand dollars in expense, and countless hours of repair. rid-x. help save yourself from disaster. [ male announcer ] you don't makeby pressing a button.cken it takes a cook. we're kfc and we've got a certified cook in every restaurant freshly making the colonel's original recipe, today and every day. 11 herbs and spices, hand-breaded, hands down the world's best chicken. today is a kfc day. so bring home a real meal -- 10 pieces of that famous

she's actually found a replacement for the imf's number two, john lit ski. white house economic adviser david lippman will be taking over as the chief deputy when lit ski retires in september. some of the emerging markets, particularly china, the largest of those brit nations is getting finally a bit of a seat at the table. pauline, i'm afraid that's it. i'm going to be saying ar receive dare chi. i'll be back in about four hours on the next edition of "world business today" where we'll be focusing on the crisis that is engulfing the world's eighth largest economy. talking about italy. all this is pivotal to the future of the eurozone, the other 16 countries that share their common currency alongside italy. pauline. >> thank you, nina. we'll see you soon in just a couple of hours. "world business today" will be right back. >>> welcome back to "world business today," i'm pauline choiu at cnn hong kong. first let's see what's going on in europe where the markets are now about 90 minutes into the trading day on this wednesday. the major indices slipped at the o

the support especially through the imf is vital for us but for the international stability. if i may say the support is in the rest of the united states as the power of the global economy. the previous two years as the minister of defense the u.s. administration with secretary dates in nato the very sensitive and crucial issues such as afghanistan, libya, the fight against piracy or the national terrorism and the last five weeks for finance i find myself in debt, deficit and economic growth. to see the positive u.s. attitude. july 21st and the actors participation of the private sector involvement in the public debt or giving in the momentum for this. and in a climate of the political we see the greek inside and outside greece and i am referring to the diaspora and the community which is the largest in the world. together we will succeed in the building of the country restoring its siskel independence and the competitive service in the international market. we can't do this. the challenge for the prime minister, the government and me personally as minister for finance, but b

ahead on "news 4 today," making history at the imf. t the organization's first female leader can expect in her new role. >>> welcome back. it's 5:15. the dalai lama is in d.c. he's hosting a ten-day event where he'll offer spiritual teachings to thousands of people and meet top lawmakers. kimberly suiters is live at the verizon center where the festivities are set to begin in just a few hours. kimberly, good morning. >> reporter: good morning, eun. this is the first event the dalai lama has held since leaving official political life, and this event is going to happen right here at the verizon center. it is a huge deal for the verizon center, one of the largest they've ever had. they're expecting more than 100,000 people to come here. the dalai lama hosting a ten-day event called the kalachakra. the annual event focuses on the teachings of a prayerful and peaceful life. it also doubles as a prayer service for world peace. more than 100,000 people are expected to come over that ten-day period. so about 10,000 a day. this is only the third

-- the former head of the imf and a hotel maid. >>> a fire near the potomac river. >>> and a look at some of the finest fireworks of all over the country. stay tuned. >>> a woman was found dead in the surveyor tonight. d.c. and u.s. park police recovered the body thank you anacosta road. it is not known how she ended up in the water or how long she had been there. >>> the 6-year-old boy drowned in the chesapeake bay today at sandy point state park. investigators say the child was swimming in an unguarded part of the beach. after finding him in just four feet of water, rescue crews took the child to a hospital where he died. authorities identified him as shakwan kennedy of baltimore city. they say this is a reminder for parents to be very careful with small children at the beach. >>> it is still not clear what sparked a raging fire on the george washington parkway this morning. an rv was attempting to pull into gravell point when it caught fire. the driver got out before flames completely engulfed the vehicle. the impact on traffic was minimal because of the holiday. >>> coming up

as you know, my colleague and friend, the minister of finance for singapore to the imf see suggested and i've supported the proposal that many reports, whether you talk about the standard article or whether you talk about the financial report or five spillover report, it's better in aggregated so that there is a comprehensive analysis that can be offered to members. i fifa would be a very important improvement. john is also suggesting he's right. >> there's the civilian report is coming up very shortly which will also help us determine to improve and drop, not against dropping it, for your information and is one of the common stocks we share with not only the management but the head of the department to work cohesively doing for many years and it's been like at so let's continue i will say if it is not useful or providing value then let's drop the and focus our immense resources and massive capil power on what's going to be useful for the members. so that i began the job. >> thanks very much. >> fir imf world meeting what is your strategy to the issue for the euro and my french questi

the imf saying failure to raise the debt ceiling could cause a severe shock to the u.s. economy and world financial markets. it is critical, they say, that the u.s. get its debt levels under control. and if it comes to a credit move, a debt downgrade for a rating agency would have significant global repercussions. we are negative in the european market session, your early calls are that the u.s. will open weaker. back to you. >> geoff cutmore. thanks so much. the front page of the "financial times," investor fear rises over u.s. gridlock. >>> other news overseas, anders behring breivik, the man who confessed to friday's deadly terror attacks in norway now claims he collaborated with two other ex-a treemist cells. breivik pled not guilty in court yesterday, he's charged with acts of terrorism and attempts to spread serious fear throughout the population. the judge ordering breivik held for eight weeks. the first four in solitary confinement. saying in a statement that the 32-year-old quote believes that he needed to carry out these attacks to save norway from cultural mar

host: 1 headline says that the imf has placed $3 million at the disposal of egypt.oing on here? guest: this comes in the context of egypt reaching out to the world bank and the imf several months ago and the results of the economic situation asking for up to $6 billion in loans and aid. the imf approved it this money to egypt, but egypt has recently redone its budget may be on like what they have been here in united states. they said that they are not in need of this money in the immediate future. they have reduced their budget forecast by 8%, and they are not going to necessarily go to the imf for those funds. they have managed to secure funds from other places come from gulf countries and elsewhere, and there is a political aspect to receiving money from the world bank. there's the perception and reality that all kinds of strings are attached, that these international financial institutions impose policy restrictions to cut subsidies, selling publicly owned assets, and so on, market liberalization, they have not gone known -- that have not gone over very well in e

we depend on each other, all of us. >> he recommended that the head of the imf had a coat of many colors to reflect the many parts of the world, he or she was meant to represent. i look at you, you're wearing this very conservative gray. are you going to buy a new coat? >> that's because i came to new york but i have this very sort of sparkling and animated broech to indicate the colors. >> christine lagarde, pleasure to have you on. >> thank you. >> we will be back. [clucking] [clucking] [ding] [clucking] announcer: separate raw meats from other foods by using different cutting boards. 3,000 americans will die from food poisoning this year. keep your family safer. check your steps at foodsafety.gov. unlike fish oil, megared softgels are small and easy to swallow with no fishy smell or aftertaste. try megared today. >>> the united nations doesn't just host world leaders, send out peace keepers and feed the hungry. i'll bet you didn't know this but it also keeps track of how many live stock walk the earth. which brings me to the question of the week. according to the united nations approx

christine lagarde promise to focus on diversity at the imf. he refused to comment on the forced resignation of her predecessor dominique strauss-kahn. ms. logar said the european debt crisis is one of her top priorities at the imf and that it will consider the next round of aid eight for greece on friday. this is 45 minutes. >> good morning everybody. welcome to the international monetary fund and to the first press conference of our new managing director, christine lagarde. we also have the first deputy managing director john lipsky, and i want to let you know that we have simultaneous -- so english is on channel 1. french is on channel 2. spanish is on channel 3, and arabic is on channel 4. and you will have headphones. i also wanted to let you know that we have some of mike's and they would be helpful if you would move up to ask questions. we have three mics in the room. because there is so much wireless technology now, it works better if you go to the microphones which are the equivalent of land line phones. madam lagarde will begin with op

fight to stave off a bailout to become the fourth euro nation if it were to do so to request one from the imf, the eu and also the ecb. this was the scene just yesterday as lawmakers approved a four year, $57 billion austerity plan. the lower house is expected to adopt some of these measures later on today. and newspapers have been having quite a field day with this situation. let me show you the front page of one of the newspapers owned by the prime minister berlusconi. they're on the bow of the titanic as that fated ship sinks. this is in reference to a comment made yesterday saying the situation of the country finds itself in at the moment is akin to the sinking of the titanic and not everyone the first class passengers are safe. >> you can always count on him for a very colorful sound bite. and another metaphor, the iceberg is all that debt under the surface. meanwhile time is running out to raise the u.s. debt ceiling. lawmakers are still at odds. another warning about a possible downgrade of u.s. debt. this time from standard and poors, has raised the stakes even higher with no compromi

how much is his replacement christine lagarde making in her new job as the head of the imf? s, terms and conditions. as the new managing director she'll receive over $550,000 a year in total compensation. she's beend

. >>> still ahead, more legal problems for the former chief of the imf. also, the cleanup and investigation underway after an exxon mobil pipeline ruptures spilling thousands of gallons of crude. and what u.c. berkeley is doing to on. >>> a french novelist will file a lawsuit accusing imf chief dominique strauss-kahn of attempted rape. he was arrested in new york back in may on charges that he tried to rape a hotel maid. he denied any wrongdoing and was released without bail last friday after questions emerged about the maid's credibility. lawyers say they will file a slander complaint against the woman. >>> teams of federal and xon mobil workers along the yellowstone river after tens of thousands of oil gushed from a pipe beneath the river bed. regulators warned of violations along the river last year. they are criticizing exxon for down playing the incident. >>> cleanup crews are scrambling to limit the damage to yellowstone river after an exxon mobil pipeline ruptured. it started when a 12-inch pipeline started to leak unde