IMF chief resigns? Michel Camdessus reportedly plans to step down from top post November 09, 1999: 1:49 p.m. ET

NEW YORK (CNNfn) - International Monetary Fund managing director Michel Camdessus reportedly plans to step down Tuesday, half way through his third, five-year term as head of the multi-national aid agency. According to a French source quoted by Reuters, Camdessus, who has headed the Washington-based IMF since 1987, would announce his plans at an IMF board meeting in Washington later this afternoon. A spokesman for the IMF declined to comment on the report but said Camdessus plans to speak to his staff at 3:15 p.m. ET. A news conference is scheduled for later in the day. Camdessus assumed office as managing director and chairman of the IMF in early 1987. On May 22, 1996, the IMF board unanimously selected Camdessus to serve a third five-year term. Camdessus was educated at the University of Paris and earned postgraduate degrees in economics at the Institute of Political Studies of Paris and the National School of Administration. He then made his way through a variety of government appointments in his native France, most notably Governor of the Bank of France, which he was appointed to in November 1984. He served there until his appointment at the IMF. Camdessus is the seventh managing director of the IMF. He was preceded by Camille Gutt (Belgium, 1946-51), Ivar Rooth (Sweden, 1951-56), Per Jacobsson (Sweden, 1956-63), Pierre-Paul Schweitzer (France, 1963-73), H. Johannes Witteveen (Netherlands, 1973-78), and Jacques de Larosihre (France, 1978-87).

-- Roland (nottelling@nowhere.com), November 09, 1999

Answers

Tuesday November 9, 1:58 pm Eastern Time

Summers declines to confirm Camdessus's departure

WASHINGTON, Nov 9 (Reuters) - U.S. Treasury Secretary Lawrence Summers declined to confirm reports that Michel Camdessus was about to step down as head of the International Monetary Fund, but gave a valedictory-style comment on his tenure.

``Michel Camdessus has done an outstanding job as the IMF's longest-serving managing director,'' Summers told reporters when asked about the reports. Asked to confirm Camdessus's departure, Summers replied, ``I don't have anything further on that.''

Summers said Camdessus had ``provided very important, valuable leadership'' in several areas, including the Latin American debt crisis of the 1980s, reforming Eastern European transition economies after the Cold War, the Asian financial crisis and, most recently, trying to mobilize resources for debt relief for the world's poorest nations.

The IMF announced that Camdessus will address staff at 3:15 p.m. EST (2015 GMT) on Tuesday, followed by a briefing for reporters, but gave no subject for either event.

A French source told Reuters in Paris that Camdessus would announce his resignation to a meeting of the IMF board on Tuesday.

-- Linda (lwmb@psln.com), November 09, 1999.

Tomorrow??? Is today Monday... I thought this was Tuesday!

Whatever, his decision to do it at this, in the middle of a 5 year term, says a hell of a lot about what he expects next year... The GEM (Global Economic Meltdown). Can't really blame him, it is going to be a mess that even Superman can't fix.

-- Hawk (flyin@high.again), November 09, 1999.

CNN's headline screwed me up...due Today, I guess.

-- Roland (nottelling@nowhere.com), November 09, 1999.

dun dun dun, another one bites, the dust.....

-- queen (karlacalif@aol.com), November 09, 1999.

Done deal. Drudge has the article posted.

-- Mad Monk (madmonk@hawaiian.net), November 09, 1999.