Fahrlässigkeit im Amt: Gericht spricht Lagarde schuldig

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Fahrlässigkeit im Amt:
Gericht spricht Lagarde schuldig
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IWF-Chefin Christine Lagarde ist in einem Strafprozess wegen Fahrlässigkeit im Amt schuldig gesprochen worden. Eine Strafe gegen die frühere französische Finanzministerin verhängte der Gerichtshof der Republik in Paris aber nicht.
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Das Gericht setzte sich mit seinem Urteil über die Staatsanwaltschaft hinweg, die sich gegen eine Verurteilung der Finanzmanagerin ausgesprochen hatte.
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Die Entscheidung erschüttert Lagardes Glaubwürdigkeit.
Wie zu hören ist, will der IMF-Exekutivrat der Finanzinstitution über die Causa Lagarde entscheiden.
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Ihr Oeconomicus
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korrespondierend:
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12.12.2016
Lagarde auf der Anklagebank

Lagarde auf der Anklagebank

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Lagarde auf der Anklagebank
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Der lange angekündigte Strafprozess gegen Christine Lagarde hat endlich begonnen.
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Bekanntermaßen wird der Dame in ihrer vormaligen Eigenschaft als französische Finanzministerin vorgeworfen, im Jahr 2008 in „nachlässiger Weise“ ein Dokument unterzeichnet zu haben, ein Vorgang der ihr als Amtsmissbrauch ausgelegt wird.
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In der Folge kostete Lagardes Handlung den Franzöischen Staat schlappe 404 Mio EUR !
Diese Summe musste ein privates Schiedsgericht dem ehemaligen Fußballmanager Bernard Tapie zusprechen, weil er sich durch den Verkauf des Sportartikelherstellers Adidas an die Staatsbank Crédit Lyonnais geprellt fühlte.
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Erwartungsgemäß bestreitet Lagarde, direkt oder indirekt für die durch Ihre Unterschrift ermöglichte Veruntreuung von Staatsmillionen schuldig zu sein.
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Für den Prozess sind sieben Tage bis zum 20. Dezember angesetzt. Der Gerichtshof der Republik ist ein Spezialgericht, das nur für Rechtsverstöße von Ministern im Rahmen ihre Amtes zuständig ist. Es besteht aus drei Berufsrichtern und zwölf Parlamentariern.
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Schade, dass es bei uns eine solche gesonderte Jurisdiktion nicht gibt.
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Sollte das Gericht zu einem Schuldspruch kommen, erwartet Lagarde im äußersten Fall ein Jahr Haft und 15.000 Euro Geldbuße.
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Ihr Oeconomicus
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korrespondierend:
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18.12.2015
Lagarde’s date mit dem Gerichtshof der Republik in Paris – Vorwurf: Amtsmissbrauch
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27.08.2014
Ermittlungsverfahren gegen IWF-Chefin Christine Lagarde
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Lagarde’s date mit dem Gerichtshof der Republik in Paris – Vorwurf: Amtsmissbrauch

Lagarde’s date mit dem Gerichtshof der Republik in Paris
Vorwurf: Amtsmissbrauch
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Im Zusammenhang mit der schon länger schwelenden Tapie-Affäre hat der Gerichtshof der Republik, der für Verfehlungen von Ministern im Amt zuständig ist, angeordnet, dass der einstigen französischen Finanzministerin der Prozess gemacht werden soll.
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Formell war Lagarde Bereits im August 2014 war Lagarde formell beschuldigt worden in der Angelegenheit nachlässig gehandelt zu haben.
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Wie die FAZ berichtete, beantragte der zuständige Staatsanwalt bereits im September eine Einstellung des Verfahrens gegen die IWF-Chefin. Die Ermittlungskammer des Gerichtshofs der Republik folgte diesem Antrag aber nicht und ordnete einen Prozess gegen Lagarde an. Gegen die Entscheidung will Lagarde Rechtsmittel einzulegen.
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Bleibt abzuwarten, ob und auf welche Weise die Nummer weitergeht. Bislang jedenfalls ist aus Washington zu hören, dass der IWF seiner Chefin sein „Vertrauen“ aussprach. Die Freude darüber könnte im Zusammenhang mit dem drohenden Default der Ukraine jedoch schon bald getrübt werden, da sich Lagarde auf die Seite des ‚phösen‘ Gläubigers Russland gestellt hat (s. Details).
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Ihr Oeconomicus
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follow-up, 27.01.2016
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Lagarde’s IMF future in trouble on home soil
Europe has rallied behind the embattled IMF director as she seeks second term. Paris, not so much.
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Pierre Briançon – POLITICO
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follow-up, 22.01.2016
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Lagarde tritt für eine zweite Amtszeit an
Christine Lagarde will an der Spitze des IWF bleiben und erhält dafür breite Unterstützung. Dass ihr in ihrer Heimat ein Prozess droht, ist kein Hindernis.
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FAZ
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korrespondierende Beiträge
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17.12.2015
BBC-News: IMF chief Lagarde to stand negligence trial in France
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27.08.2014
Ermittlungsverfahren gegen IWF-Chefin Christine Lagarde
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Meeting with IMF Head Christine Lagarde

Vladimir Putin had a meeting with Managing Director of the International Monetary Fund Christine Lagarde.
The discussion addressed options for further cooperation between Russia and the IMF, the situation in the global economy and the actions of the Central Bank to support the Russian national currency.
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PRESIDENT OF RUSSIA VLADIMIR PUTIN:

 

„Ms Lagarde, colleagues, good evening.
We highly value our contacts with the IMF, which plays a very important role in international financial stability. We are aware of your concerns with regard to the state of the global economy and we share them.

We feel that the reasons for such instability remain as before: they are, first and foremost, deep structural imbalances, the decrease in business activity and investment in the real sector of the economy. This leads to volatility in raw materials markets and results in a kind of vicious circle: low growth makes it impossible to get rid of debt, and time is pressuring the debt activity.

As you know, our priorities remain the same. We are trying to not only ensure growth, but also change its quality. We are giving paramount significance to maintaining a healthy macroeconomic policy. As you know, we have one of the lowest debt indicators among the G20 nations and fairly high gold and forex reserves. We are continuing to monitor our inflation rate and to target it very carefully.

I am sure you know that recently our national currency, the ruble, has been subject to some speculative attacks. I hope that the series of steps taken by the Central Bank, including the most recent steps that were declared today, will normalise the situation, because it is our deep conviction that there are no fundamental factors or reasons for such imbalances in the national economy.

Today the Central Bank announced that the ruble is transitioning to the so-called free floating regime. However, the Central Bank preserves the right to conduct interventions when it deems appropriate. And if the Central Bank also maintains a certain level of liquidity, then it will certainly punish the profiteers who are getting ready to take further speculative steps.

Nevertheless, I hope that the Central Bank and the Government will carefully monitor what is happening in the economy, meaning the rates at which loans are issued to the real sector of the economy.

As you know, the executive level of government in Russia does not get involved in the Central Bank’s policy: in accordance with the law, the Central Bank pursues an independent policy, but naturally, we closely monitor what is happening and will try to implement all our objectives and development goals through joint efforts.“

 

IMF HEAD CHRISTINE LAGARDE:

„Mr President, first of all, thank you very much for having this meeting. And I offer my apologies for being late, but the Chinese police clearly did not understand that I was coming to visit with you, so they tried to hold me back away from you.“

VLADIMIR PUTIN:

 

„Don’t be upset with them. They are doing their duty.“

 

CHRISTINE LAGARDE:

 

„Yes, I know, I know. I had to show my name.
I would like to thank Russia for its support to the IMF, and I have to say that it’s gratifying to have your country support us in our mission to keep stability around the world. And you’ve always been by our side, including to approve programmes which have been difficult, and that’s what I would like to talk to you about. And I would like to also tell you, candidly, our view about the Russian economy, because you are a very highly regarded and valuable member of the institution, and I owe that report back to you.“

 

Source: President of Russia – Kremlin

The case for a global recession in 2015

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The case for a global recession in 2015
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Economist David Levy argues instability in emerging markets will sink the U.S. economy before the end of next year.
Four years after the end of the Great Recession, it looks as if the U.S. economy might finally be poised for breakout growth.
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But news outside the U.S. isn’t so bright. European economies are still battling depression-era levels of unemployment and the threat of deflation. And emerging economies, like China, are having trouble maintaining the kind of growth they have become accustomed to in recent years. The most recent readings out of China have the world’s second-largest economy growing at roughly 7.5% per year, down from the 10% growth it averaged for two decades before its economy began to slow in 2012. And this pattern holds for other emerging economies like Brazil and Russia.
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Chris Matthews – Fortune
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Anmerkung
Levys Einschätzungen werden auch von Jim Rickards (Berater hochrangiger US-Regierungsstellen und Autor von „The death of Money“) gestützt.
Zur Illustrierung eines kürzlich geführten Interviews mit Money Morning hier einige hübsche Charts
Schaut man sich einige von Rickards dargestellte Essentials zur FED an, mag man einige Gedanken entwickeln, die nicht unbedingt im Einklang mit den Überzeugungen von Frau Yellen sein könnten.
Rickards führt aus, dass nach der letzter FED-Kapitalerhöhung deren Eigenkapital bei nunmehr $ 56,2 Mrd. liegt, während deren ‚unstable liabilities‚ auf mind. $ 4300 Mrd. eingeschätzt werden.
Nicht, dass ich darüber jetzt vollkommen überrascht wäre, aber irgendwie gehen solche geballten Erkenntnisse doch ans Gemüt.
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Ihr Oeconomicus
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follow-up, 11.11.2014
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Warnung aus berufenem Munde – Prophetische Firma sieht Rezession kommen
Das Jahresende naht – und damit auch die Zeit für Prophezeiungen. Eine kleine US-Firma sagt jetzt voraus, dass die Weltwirtschaft im kommenden Jahr womöglich in die Rezession zurückfällt. Originell ist die These zwar nicht, Beachtung findet sie trotzdem. Das hat Gründe.
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Jan Gänger – N-TV
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follow-up, 10.11.2014

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Predictors of ’29 Crash See 65% Chance of 2015 Recession
In 1929, a businessman and economist by the name of Jerome Levy didn’t like what he saw in his analysis of corporate profits. He sold his stocks before the October crash.
Almost eight decades later, the consultancy company that bears his name declared “the next recession will be caused by the deflating housing bubble.” By February 2007, it predicted problems in the subprime-mortgage market would spread “to virtually all financial markets.” In October 2007, it saw imminent recession — the slump began two months later.
The Jerome Levy Forecasting Center, based in Mount Kisco, New York, and run by Jerome’s grandson David, is again more worried than its peers. Its half-dozen analysts attach a 65 percent probability of a worldwide recession forcing a contraction in the U.S. by the end of next year.
[…]
Simon Kennedy – Bloomberg
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15.01.2014
The Global Economy in 2014
by Christine Lagarde, Managing Director, International Monetary Fund:
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„Good afternoon. I would like to thank the National Press Club, and especially President Angela Greiling Keane, for inviting me to this prestigious venue.
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Let me begin by wishing you all a happy New Year. I think this is appropriate, given that we are halfway between western New Year and lunar New Year!
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It is also appropriate for what I want to talk about today—how the IMF sees the global economy as the wheels of time roll into yet another year.
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If we think about it, 2014 will be a milestone in many respects. It will mark the hundredth anniversary of the start of the First World War, the 70th anniversary of the Bretton Woods conference that gave birth to the IMF, and the 25th anniversary of the fall of the Berlin Wall.
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It will also mark the 7th anniversary of the financial market jitters that quickly turned into the greatest global economic calamity since the Great Depression.
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This crisis still lingers. Yet, optimism is in the air: the deep freeze is behind, and the horizon is brighter. My great hope is that 2014 will prove momentous in another way—the year in which the “seven weak years”, economically speaking, slide into “seven strong years”.
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Is this wishful thinking? No, but it will not simply happen on its own. Getting beyond the crisis still requires a sustained and substantial policy effort, coordination, and the right policy mix. Let me talk about this—I will start with the global outlook, and then touch on the policy path I have in mind.
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Global outlook and risks
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In just a few days, we will be releasing our updated forecasts. While our numbers are still being finalized, I will talk about the main trends as we see them.
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• Momentum strengthened in the latter half of 2013, and should strengthen further in 2014—largely due to improvements in the advanced economies.
• Yet, global growth is still stuck in low gear. It remains below its potential, which we think is somewhere around 4 percent. This means that the world could create more jobs before we would need to worry about the global inflation genie coming out of its bottle.
• Even for the advanced economies, however, the outlook is still subject to significant risks. With inflation running below many central banks’ targets, we see rising risks of deflation, which could prove disastrous for the recovery. If inflation is the genie, then deflation is the ogre that must be fought decisively.
• During the years of crisis, we have relied on the emerging markets to keep the global economy afloat. Together with the developing countries, they accounted for three-quarters of global growth over the past half decade. However, a growing number of emerging markets are slowing down as the economic cycle turns.
• We also see risks arising from financial market turbulence and the volatility of capital flows. The reaction to the Fed’s tapering has been calm so far, and this is good news, but there still could be some rough waters ahead.
• Overall, the direction is positive, but global growth is still too low, too fragile, and too uneven. Moreover, it is not enough to create the jobs for the more than 200 million people around the world who need them.
• In far too many countries, the benefits of growth are being enjoyed by far too few people. Just to give one example: in the United States, 95 percent of income gains since 2009 went to the top 1 percent. This is not a recipe for stability and sustainability.
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The policy agenda
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This all points to one thing: the need to stay focused on the policies needed for sustainable growth and rewarding jobs, which in the end are needed to make everybody better off. Let me focus on this.
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We have certainly avoided a worst case scenario during the crisis, thanks to the efforts of global policymakers over the past half decade. Central banks went above and beyond the call of duty to keep interest rates low and the financial system functioning, while governments deployed fiscal stimulus where they could.
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The road has certainly been difficult, and continues to be difficult, but as Edward R. Murrow once said, “difficulty is the excuse history never accepts”.
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Now that the global economy looks more stable, the big priority for policymakers in 2014 is to fortify the feeble global recovery and make it sustainable. What does this mean in practice?
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For the advanced economies in particular, it means that central banks should return to more conventional monetary policies only when robust growth is firmly rooted. At the same time, countries need to use the room created by unconventional monetary policies to put in place the reforms needed to jumpstart growth and jobs.
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Let me go deeper and touch briefly on the different regions.
• Growth is certainly picking up in the United States, driven by private demand, and to be helped by the loosening of the fiscal corset in the recent budget deal. Still, it will be critical to avoid premature withdrawal of monetary support and to return to an orderly budget process, including by promptly removing the debt ceiling threat.
• The Euro Area is turning the corner from recession to recovery, but growth is still unbalanced, and unemployment is still worryingly high. Some countries are doing well, but others are still burdened by high debt and credit constraints. Monetary policy is helping a lot, but could still do more—targeted lending, for example, could help reduce financial fragmentation. The forthcoming review of asset quality and stress tests can also help, but only if they are done in an evenhanded and credible manner. There is also a need to accelerate reforms to boost labor market participation and enhance competitiveness.
• In Japan, the initial boost from Abenomics is weakening a bit, but temporary fiscal stimulus should help offset the negative effects of the necessary consumption tax increase. The challenge is to agree on medium-term fiscal adjustments and social and economic reforms needed to strengthen growth. Deregulating product and service markets and increasing the participation of women in the workplace would help overcome the ogre of deflation.
• What about the emerging markets? The challenge here is to navigate any bumpiness and stay strong. Policymakers must be wary of any signs of financial excess, especially in the form of asset bubbles or rising debt. Financial regulation needs to be strengthened and implemented in order to better manage credit cycles. And yes, many countries also could do more on the structural front to unlock their growth potential—including by tackling infrastructure bottlenecks or regulatory obstacles.
• What about the low-income countries? Here, the news is generally good. These countries have really become a bright spot. Now is the time to lock in these gains and build stronger defenses against either direct or consequential external shocks, including by raising more revenue. In addition, countries should keep spending selectively on important social programs and infrastructure projects.
• I should mention that I have just returned from the two most dynamic regions of the world—Asia and sub-Saharan Africa, which saw growth of 6½ percent and 5 percent last year respectively. Here in Washington DC, we sometimes forget the monumental change taking place in these parts of the world—the rise in economic power and the march of the middle class. I always come away from these regions with renewed optimism.
• We should also remember the Arab countries in transition. The Arab Spring began exactly three years ago, and as these countries grapple with the reforms needed to unleash the dynamism of the private sector and create more jobs for their young people, they need the firm support of the international community.
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I have talked so far about the regions. Yet there are also many common problems that require a common resolve. Think about the legacy of public and private debt, and about fiscal and current account imbalances. Think about the reforms needed to make the financial system safer and bring it more into the service of the real economy. Think about rising inequality, environmental degradation, and the long-term challenges of climate change.
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These are not abstract challenges. It is only by addressing them that we can ensure future prosperity for all and meet the rising aspirations of our global citizens—for jobs, for security, for opportunity, for dignity.
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Conclusion
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I will conclude. At the outset, I made a reference to the Bretton Woods conference and the multilateral impetus behind the founding of the IMF. To move forward, we need that same spirit of cooperation and global solidarity today. Especially in a world as interconnected as ours, there is simply no alternative.
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I believe that the IMF can play an especially valuable role here, as a forum for precisely this kind of cooperation. We have certainly played our part in the collective response to the crisis—making 154 new lending commitments and providing technical assistance to 90 percent of our members since the onset of the crisis in 2008, and providing our best possible policy advice.
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One of our strengths is that we have to look at the bigger picture—how all the moving parts fit together, how what happens in one country affects the wider global economy.
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This role will surely become more important with time. We need to continue to adapt and to reflect the changing dynamics of the global economy and our membership. That is why we need the continued support of our entire membership.
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I will end with another icon of American journalism—and no, I don’t mean Ron Burgundy! I mean Walter Cronkite, who always ended by saying “and that’s the way it is”.
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Thank you very much. I am now happy to take your questions.“
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Source: IMF
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Schaut man sich nachfolgenden Kurzausschnitt aus Lagardes Vortrag an, wird deutlich, was so manche Hobby-Mystiker, welchen ökonomische Nachhilfe ganz ernsthaft anzuraten wäre, daraus gelernt haben mögen.
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Ermittlungsverfahren gegen IWF-Chefin Christine Lagarde

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Ermittlungsverfahren gegen IWF-Chefin Christine Lagarde
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Wie u.a. LE MONDE oder Le Figaro berichteten, ist gegen die frühere französische Finanzministerin und jetzige IWF-Chefin Lagarde ist ein formelles Ermittlungsverfahren eingeleitet worden.
Dem Bericht zufolge soll Lagarde noch in dieser Woche vor dem französischen Gerichtshof der Republik erscheinen, der ausschließlich über Verfehlungen französischer Minister in Ausübung ihres Amtes urteilt.
Offenbar lautet die Anklage auf complicité de faux et détournement de fonds publics (sinngemäß: Mittäterschaft bei Fälschung und Veruntreuung öffentlicher Gelder).
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Bei dem Verfahren geht es u.a. um die juristische Aufarbeitung von Lagardes Rolle bei der sog. Tapie-Affäre. Lagarde soll in ihrer Funktion als damalige Finanzminsterin insoweit beteiligt gewesen sein, als sie nach Aufhebung eines Schadensersatz-Urteils (€ 135 Mio) zugunsten von Bernard Tapie, ein in der Folge politisch höchst umstrittenes Schiedsgerichtsverfahren einleiten ließ, welches Tapie einen endgültigen Schadensersatz (einschl. Zinsen) von € 403 Mio zubilligte.
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An der Stelle wünscht man sich auch in Täuschland einen eigens für Verfehlungen im Amt (ohne Weisungsbefugnis seitens Regierung oder Justizministerium) zuständigen ‚Volks-Gerichtshof‘ !
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Statement by IMF Managing Director Christine Lagarde on Ukraine

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement today in Washington, DC, following a meeting with Prime Minister of Ukraine Arseniy Yatsenyuk:

“Today, I met with the Prime Minister of Ukraine, Mr. Arseniy Yatsenyuk. We had a productive discussion regarding policies needed to put Ukraine on the path of sound economic governance and sustainable growth, while protecting the vulnerable in society. We also discussed the good progress made under the IMF’s fact-finding mission that has been working in Kyiv since March 4. After finalizing its independent assessment of the economic situation in Ukraine, the mission will make recommendations to IMF Management, who will engage the Executive Board on the subsequent course of actions.

We are keen to help Ukraine on its path to economic stability and prosperity. In that context, the IMF will continue to consult with its membership and other international financial institutions on how best to support the people of Ukraine.”

IMF Press-Release No.14/93 – March 12, 2014

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Ukraine and the IMF, updated March 12, 2014

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