Reply #47: IMF’s Lipsky, the ‘cheerleader’, to step down in August

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http://www.firstpost.com/world/imfs-lipsky-the-%E2%80%98cheerleader%E2%80%99-to-step-down-in-august-9194.html

Washington: John Lipsky, the IMF’s No. 2 official, who helped steer the global lender towards a more prominent role in the wake of the financial crisis, said on Thursday he will step down when his term ends in August.

A long-time banker most recently at JPMorgan, Lipsky was appointed first deputy managing director in 2006, when a semblance of stability in the world economy had led many to question the continued need for organisations like the IMF.

The Fund now finds itself in the unprecedented position of providing aid for developed European nations like Greece, Ireland and Portugal, whose bloated budgets have made them targets for financial speculators.