US$6m to bail former IMF chief
Source: Agencies |
May 21, 2011, Saturday
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Print Edition
Print Edition
FORMER IMF chief Dominique Strauss-Kahn was to leave jail on bail late yesterday under the shadow of sexual assault charges as another French official, Christine Lagarde, builds support to succeed him.
Strauss-Kahn, a global high-flier seen as having a strong shot at the French presidency until his arrest last weekend, spent the last of four nights at New York's Rikers Island jail on Thursday.
The package of conditions set by a judge on Thursday to let him leave jail - US$1 million in cash, a US$5 million insurance bond and house arrest at a New York apartment under armed guard and electronic monitoring - was to be signed yesterday.
The Department of Correction said in a statement yesterday that it would manage the safe and secure release of Strauss-Kahn following the posting of bail and all required paperwork. A corrections spokeswoman said no details about timing or location of the transfer would be provided, but confirmation would be given of his release from custody.
In his letter resigning as head of the International Monetary Fund, Strauss-Kahn vowed to fight charges that he tried to rape a hotel maid and committed other sexual offenses against her.
Once out of the Rikers cell and in the apartment, he will have unlimited access to his lawyers to prepare his defense and will be joined by his wife and daughter.
Strauss-Kahn's resignation intensified a race for global finance's top job at a critical time for the IMF as it helps eurozone states such as Greece, Ireland and Portugal deal with massive debt problems.
The managing director post has traditionally gone to a European for 65 years but is now in the sights of fast-growing developing economies who argue it is time for a change.
John Lipsky, the IMF's American No. 2 who is now the acting chief, said on Thursday that members agreed "the process of selection of the managing director should be open, transparent and merit-based."
But a sense of inevitability was growing that Europe would retain the post, with Lagarde, France's finance minister, seen as the most likely choice.
While United States Treasury Secretary Timothy Geithner called for an "open process that leads to a prompt succession," sources in Washington said the US, the IMF's biggest financial contributor, would back a European.
The issue will probably be discussed at a summit of Group of Eight leaders in France next week. Together, the US and European nations hold more than half the IMF's voting power.
The IMF board was due to hold a regular meeting yesterday to approve its part of a 78 billion euro (US$111 billion) bailout for Portugal but it was unclear whether it would discuss the process for choosing a new managing director.
An arraignment hearing is set for June 6, when Strauss-Kahn will formally answer the charges, but a trial may be six months or more away. If convicted, he could face 25 years in prison.
Strauss-Kahn, a global high-flier seen as having a strong shot at the French presidency until his arrest last weekend, spent the last of four nights at New York's Rikers Island jail on Thursday.
The package of conditions set by a judge on Thursday to let him leave jail - US$1 million in cash, a US$5 million insurance bond and house arrest at a New York apartment under armed guard and electronic monitoring - was to be signed yesterday.
The Department of Correction said in a statement yesterday that it would manage the safe and secure release of Strauss-Kahn following the posting of bail and all required paperwork. A corrections spokeswoman said no details about timing or location of the transfer would be provided, but confirmation would be given of his release from custody.
In his letter resigning as head of the International Monetary Fund, Strauss-Kahn vowed to fight charges that he tried to rape a hotel maid and committed other sexual offenses against her.
Once out of the Rikers cell and in the apartment, he will have unlimited access to his lawyers to prepare his defense and will be joined by his wife and daughter.
Strauss-Kahn's resignation intensified a race for global finance's top job at a critical time for the IMF as it helps eurozone states such as Greece, Ireland and Portugal deal with massive debt problems.
The managing director post has traditionally gone to a European for 65 years but is now in the sights of fast-growing developing economies who argue it is time for a change.
John Lipsky, the IMF's American No. 2 who is now the acting chief, said on Thursday that members agreed "the process of selection of the managing director should be open, transparent and merit-based."
But a sense of inevitability was growing that Europe would retain the post, with Lagarde, France's finance minister, seen as the most likely choice.
While United States Treasury Secretary Timothy Geithner called for an "open process that leads to a prompt succession," sources in Washington said the US, the IMF's biggest financial contributor, would back a European.
The issue will probably be discussed at a summit of Group of Eight leaders in France next week. Together, the US and European nations hold more than half the IMF's voting power.
The IMF board was due to hold a regular meeting yesterday to approve its part of a 78 billion euro (US$111 billion) bailout for Portugal but it was unclear whether it would discuss the process for choosing a new managing director.
An arraignment hearing is set for June 6, when Strauss-Kahn will formally answer the charges, but a trial may be six months or more away. If convicted, he could face 25 years in prison.
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