147-626: Dominique Gaston André Strauss-Kahn ( French: [dɔminik stʁos kan] ; born 25 April 1949), also known as DSK , is a French economist and politician who served as the tenth managing director of the International Monetary Fund (IMF), and was a member of the French Socialist Party . He attained notoriety due to his involvement in several sex scandals. He was a professor of economics at Paris West University Nanterre La Défense and Sciences Po , and
294-552: A bachelor degree in public law, as well as a PhD and an agrégation (1977) in economics at the Université Paris X (Nanterre) . Strauss-Kahn has been married four times and has five children. His first wife was Hélène Dumas, whom he married in 1967 when he was 18 and she was 20. The marriage lasted sixteen years and produced three children — Vanessa (1973), Marine (1976), and Laurin (1981) — but ended in divorce. Strauss-Kahn married his second wife, Brigitte Guillemette,
441-422: A reasonable doubt , and could not expect any jury to do so either. Diallo's attorney, Kenneth Thompson, publicly attacked DA Vance , claiming that Vance's office had been abusive to their client, had leaked false information, and sought to undermine Diallo's credibility; he requested a stay in the case which was later denied. On 23 August 2011, all charges against Strauss-Kahn were dismissed as requested by
588-588: A 'Yes' vote in the 2005 French European Constitution referendum . More than 54% of the French citizens refused it, damaging Strauss-Kahn's position inside the PS, while left-wing Laurent Fabius , who had campaigned for a 'No' vote, was reinforced. Strauss-Kahn sought the nomination for the Socialist candidacy in the 2007 presidential election. His challengers were former prime minister Laurent Fabius and Ségolène Royal ,
735-434: A January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument." At
882-436: A New York apartment under guard. A semen sample was found on the maid's shirt, and on 24 May it was reported that DNA tests showed a match to a DNA sample submitted by Strauss-Kahn. He was arraigned on 6 June 2011, and pleaded not guilty. On 30 June 2011, The New York Times reported that the case was on the verge of collapse because of problems with the credibility of the alleged victim, who had, according to sources within
1029-530: A Paris lawyer to look for women in France who may have been victimized by Strauss-Kahn. Strauss-Kahn appeared in court on May 16 before New York City Criminal Court judge Melissa Jackson. During the proceedings the prosecution stated that the housekeeper, Diallo, an immigrant asylee from the West African state of Guinea , had provided a detailed account of the alleged assault, had picked Strauss-Kahn out of
1176-483: A broader focus of promoting market-liberalizing reforms through structural adjustment programs. This shift occurred without a formal renegotiation of the organization's charter or operational guidelines. The Ronald Reagan administration , in particular Treasury Secretary James Baker , his assistant secretary David Mulford and deputy assistant secretary Charles Dallara , pressured the IMF to attach market-liberal reforms to
1323-524: A conspiracy theory, denying a number of assertions in the report. The New York Review of Books subsequently corrected one of its allegations, reporting that a "dance of celebration" between two Sofitel employees lasted 13 seconds, not the 3 minutes originally reported, an issue that had been raised by Amy Davidson in her The New Yorker examination of Epstein's piece. Epstein later wrote that Strauss-Kahn now accepts that his enemies might not have set up his encounter with Diallo, but believes they did play
1470-433: A fact that the victim here has made some mistakes, but that doesn't mean she's not a rape victim." The next scheduled hearing was postponed twice, from 18 July–1 August 2011, and then again to August 23, with the prosecutors saying that they needed more time for further investigation and defense saying they hoped it would lead to a dismissal of charges. On 8 August 2011, Diallo filed a civil action against Strauss-Kahn in
1617-430: A former lover, defended him in an open letter, declaring "violence is not part of his culture." This conclusion is supported by Strauss-Kahn's biographer who claims that he was a "typical French lover, but he's not able to rape a woman." Journalist and essayist Jean-François Kahn apologized for initially characterizing the allegations as a troussage de domestique (literally, stripping or having casual, forced sex with
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#17328021385751764-606: A humiliation for France. French politicians were quick to respond, as were their counterparts in the rest of Europe. The case prompted response from feminists in both the US and France, who criticised French coverage of the allegations and apparent dismissal of the woman's claims. The reaction led to a rally at the Pompidou Centre on 22 May 2011. French sociologist Irène Théry published two articles in Le Monde commenting on
1911-412: A level not seen since 1969). This helped to strengthen his popularity and managed to win the support of former supporters of Jospin and Michel Rocard , making him the leader of the reform-oriented group Socialisme et démocratie . Strauss-Kahn was an early proponent of reducing the working week to 35 hours , a measure implemented by Martine Aubry , Minister for Social Policies. In 1998, he became one of
2058-472: A lineup, and that DNA evidence recovered at the site was being tested. Strauss-Kahn, who had earlier agreed to a forensic examination , pleaded not guilty. Judge Jackson denied his bail request stating that the fact that Strauss-Kahn was apprehended on a departing airplane "rais[ed] some concerns". On 19 May, Strauss-Kahn was indicted by a Manhattan grand jury on seven criminal counts, two of which were first-degree criminal sexual acts, each punishable by
2205-455: A long and humiliating examination in court. On 22 August 2011, prosecutors filed a recommendation for dismissal of all charges against Strauss-Kahn. They told the court that inconsistencies in the accuser's testimony led to the decision to recommend all charges be dropped. Their decision to drop the case was based on a number of facts outlined in a 25-page document: Consequently, prosecutors stated they could no longer believe Diallo beyond
2352-499: A minute-by-minute documentation of events, published in The New York Review of Books , which involved the alleged assault, making a number of new allegations. An analysis of hotel door key and phone records tracing links to Strauss-Kahn's potential political rivals appeared to suggest the possibility that he had been set up . However the hotel where the alleged assault took place firmly rebuffed Epstein's suggestions of
2499-490: A month to five phone companies, and individuals, including known felons, depositing almost $ 100,000 into her bank account over the previous two years. Also, Diallo told a compelling and detailed story of being gang raped by soldiers in Guinea , which was completely fabricated. Over a two-week period she told the story to prosecutors twice. Both times with great emotion, precision, and conviction, including: tears; halting speech;
2646-454: A poll showed that 57% of the French public believed he was the "victim of a smear campaign". On 15 May, Strauss-Kahn's political opponent Henri de Raincourt , a minister for overseas co-operation in the ruling UMP party, stated, "one cannot exclude thinking about a setup." Russian Prime Minister Vladimir Putin expressed his personal doubts about the allegations. On 27 November 2011, investigative journalist Edward Jay Epstein presented
2793-702: A position at the University of Nanterre . In 1982, he was appointed to the Plan Commission as head of the finance department, and later as Deputy Commissioner, a position he held until his election to the National Assembly in 1986. After his ousting in the 1993 parliamentary elections , Strauss-Kahn founded DSK Consultants, a corporate law consulting firm. Upon resigning from Lionel Jospin 's government he resumed his academic duties, teaching economics at Sciences Po from 2000 until his appointment to
2940-487: A position of oversight of only exchange rates, their function became one of surveillance of the overall macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality , which was established in the 1950s. Low-income countries can borrow on concessional terms , which means there
3087-462: A possible replacement of the dollar as the world's reserve currency. An IMF report from January 2011 called for a stronger role for special drawing rights (SDR) in order to stabilize the global financial system . According to the report, an expanded role for SDRs could help to stabilize the international monetary system. Furthermore, for most countries (except for those using the US dollar as their currency) there would be several advantages in switching
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#17328021385753234-482: A profit of several millions dollars after the crash of National Credit Bank. On 14 May 2011, Nafissatou Diallo, a 32-year-old maid at the Sofitel New York Hotel , alleged that Strauss-Kahn had sexually assaulted her after she entered his suite. Strauss-Kahn was indicted on 18 May and granted US$ 1 million bail, plus a US$ 5 million bond, after 5 days. He was ordered to remain confined to
3381-501: A public apology for the affair. Le Journal du Dimanche dubbed him "le grand séducteur" (the Great Seducer). Strauss-Kahn made comments that could be perceived as critical of global financial actors, in an interview for a documentary about the 2007–2008 financial crisis , Inside Job (2010). He said he had attended a dinner organised by former Treasury Secretary Henry Paulson in which several CEOs of 'the biggest banks in
3528-436: A public relations executive, in 1986. Their daughter, Camille, was born in 1985. His third wife (married 1991) was Anne Sinclair , a popular French journalist and heiress, the granddaughter of art dealer Paul Rosenberg . This marriage barely survived Strauss-Kahn's tenure at the IMF and the highly publicized allegations of sexual assault in 2011. In 2012, the press announced Sinclair and Strauss-Kahn's separation. Their divorce
3675-524: A reasonable doubt due to serious issues in the complainant's credibility and inconclusive physical evidence, and therefore could not ask a jury to believe in it. The motion was granted by Judge Obus in a hearing on 23 August 2011. In a TV interview in September, Strauss-Kahn admitted that his liaison with Diallo was a moral fault and described it as "inappropriate" but said it did not involve violence, constraint or aggression. He said that Diallo had lied about
3822-583: A residence in Lower Manhattan . On 24 May, it was reported that DNA tests of the semen found on Diallo's shirt had shown a match with the DNA sample from Strauss-Kahn. He was arraigned on June 6 and pleaded not guilty. Outside the court, lawyers for the parties made statements. Benjamin Brafman, for Strauss-Kahn, said: "In our judgment, once the evidence has been reviewed, it will be clear that there
3969-471: A result of his arrest, the IMF was in "turmoil", and the choice of his replacement became "more urgent and more complicated." Though he had not officially declared his candidacy, Strauss-Kahn had been expected to be a leading candidate for the 2012 French Presidency for the Socialist Party . Preliminary polling suggested he was favored to defeat the incumbent, Nicolas Sarkozy, but his arrest left
4116-490: A role, through intercepted phone calls , in making sure that the hotel maid went to the police, turning a private tryst into a public scandal. Strauss-Kahn's wife, Anne Sinclair , was in Paris when he was arrested. A week after the arrest, on 21 May 2011, she said: "I don't believe for a single second the accusations of sexual assault by my husband." Friends of the couple said their 20-year-old marriage remained strong despite
4263-409: A sentence of up to 25 years in prison. On that date New York Supreme Court Justice Michael J. Obus granted Strauss-Kahn's bail request, which was set at $ 1 million with the additional restrictions of 24-hour home detention and an electronic monitoring ankle bracelet. After Strauss-Kahn turned over his passport and posted an additional $ 5 million bail bond, he was placed under house arrest in
4410-564: A servant) and said he would retire from journalism. Marine Le Pen , leader of the Front National , said "I am utterly unsurprised...everyone in the Paris political village knew of Dominique Strauss-Kahn's pathologic relations with women", and criticised both the ruling UMP and Socialist parties for ignoring his flaws. Bernard Debré , a UMP member of the National Assembly of France , described Strauss-Kahn's behaviour as
4557-503: A year and is responsible for electing or appointing an executive director to the executive board. While the board of governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's executive board. The board of governors
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4704-528: Is "working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around the world." Established in July of 1944 at the Bretton Woods Conference , primarily according to the ideas of Harry Dexter White and John Maynard Keynes , it started with 29 member countries and
4851-933: Is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via
4998-643: Is advised by the International Monetary and Financial Committee and the Development Committee. The International Monetary and Financial Committee has 24 members and monitors developments in global liquidity and the transfer of resources to developing countries . The Development Committee has 25 members and advises on critical development issues and on financial resources required to promote economic development in developing countries. New York v. Strauss-Kahn The People of
5145-430: Is based upon Strauss-Kahn's arrest. The case also inspired the 2014 French film Welcome to New York , co-written and directed by Abel Ferrara and starring Gérard Depardieu and Jacqueline Bisset . Following the film's release (to mixed reviews varying from high praise to outright disgust) on 17 May 2014, Strauss-Kahn said he would sue for slander. His lawyer also complained the portrayal of his then wife Anne Sinclair
5292-566: Is latent in many French souls. ... such humiliating pictures would never be taken in France – indeed the French law on the presumption of innocence bans 'degrading photographs of prisoners awaiting trial.'" Bernard-Henri Lévy , the French philosopher and media intellectual , declared that Strauss-Kahn had already been found guilty in the court of public opinion. Following his release from house arrest on 1 July, The New York Times , among other media, speculated as to whether he could revive his political career. In France, Michèle Sabban asked that
5439-441: Is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences. The IMF provides alternate sources of financing such as
5586-717: The 1960 earthquake moved to Monaco , where his father practised law. While the family was living in Monaco, Strauss-Kahn went to school at the Lycée Albert Premier . The family later returned to Paris, where he attended classes préparatoires at the Lycée Carnot . He graduated from HEC Paris in 1971 and from Sciences Po and the Paris Institute of Statistics in 1972. He failed the entrance examination for École nationale d'administration , but obtained
5733-482: The 1993 general elections . After the electoral defeat of 1993, Strauss-Kahn was appointed by former Prime Minister Michel Rocard chairman of the groupe des experts du PS ("Group of Experts of the Socialist Party"), created by Claude Allègre . The same year, he founded the law firm DSK Consultants, and worked as a business lawyer. In 1994, Raymond Lévy, who was director of Renault , invited him to join
5880-520: The COVID-19 pandemic . This was in addition to the $ 50 billion fund it had announced two weeks earlier, of which $ 5 billion had already been requested by Iran . One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund. It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus. On 13 April 2020,
6027-544: The Cercle de l'Industrie , a French industry lobby in Brussels , where he met the billionaire businessman Vincent Bolloré and top manager Louis Schweitzer ; Strauss-Kahn served as secretary-general and later as vice-president. This lobbyist activity earned him criticism from the alter-globalization left. In June 1995, he was elected mayor of Sarcelles and married Anne Sinclair , a famous television journalist working for
Dominique Strauss-Kahn - Misplaced Pages Continue
6174-793: The Cold War limited the Fund's membership, with most countries in the Soviet sphere of influence not joining until 1970s and 1980s. The Bretton Woods exchange rate system prevailed until 1971 when the United States government suspended the convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon Shock . The changes to the IMF articles of agreement reflecting these changes were ratified in 1976 by
6321-632: The Great Depression , countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New Hampshire , in
6468-494: The Jamaica Accords . Later in the 1970s, large commercial banks began lending to states because they were awash in cash deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the 1980s after a world recession provoked a crisis that brought the IMF back into global financial governance. In the mid-1980s, the IMF shifted its narrow focus from currency stabilization to
6615-528: The NYPD , repeatedly lied since making her first statement. According to prosecutors, the accuser admitted that she lied to a grand jury about the events surrounding the alleged attack. Diallo said that the translator misunderstood her words. Strauss-Kahn was released from house arrest on 1 July. After completing a lengthy investigation, prosecutors filed a motion to drop all charges against Strauss-Kahn, stating that they were not convinced of his culpability beyond
6762-562: The Poverty Reduction and Growth Facility . Upon the founding of the IMF, its three primary functions were: The IMF's role was fundamentally altered by the floating exchange rates after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government policy would ensure economic recovery. A particular concern of
6909-830: The Special Data Dissemination Standard (SDDS). The executive board approved the SDDS and GDDS in 1996 and 1997, respectively, and subsequent amendments were published in a revised Guide to the General Data Dissemination System . The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals (MDG) and Poverty Reduction Strategic Papers (PRSPs) . The primary objective of
7056-620: The Supreme Court of the State of New York , County of Bronx . On 15 May 2012, a few days after the French election for president, Strauss-Kahn filed a countersuit against Diallo for making "baseless accusations that had cost him his job as managing director of the International Monetary Fund and 'other professional opportunities'." Until his arrest, Strauss-Kahn was considered to be a likely candidate to run against
7203-469: The election of President François Mitterrand (PS) in 1981, he decided to stay out of government. He got involved in the Socialist Party (PS), which was led by Lionel Jospin, and founded Socialisme et judaïsme (" Socialism and Judaism "). The next year, he was appointed to the Commissariat au plan (Planning Commission) as commissaire-adjoint . In 1986, he was elected Member of Parliament for
7350-458: The first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut , to the chagrin of
7497-415: The 1930s . The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it. The IMF was one of the key organizations of the international economic system; its design allowed
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#17328021385757644-428: The 1940s and 1950s, and the recruitment of staff exposed to new thinking in economics. The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great depression ) and Uruguay (after the 2002 Uruguay banking crisis ). However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s. In May 2010, the IMF participated, in 3:11 proportion, in
7791-524: The Code of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for funding. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with
7938-467: The GDDS is to encourage member countries to build a framework to improve data quality and statistical capacity building to evaluate statistical needs, set priorities in improving timeliness, transparency , reliability, and accessibility of financial and economic data. Some countries initially used the GDDS, but later upgraded to SDDS. Some entities that are not IMF members also contribute statistical data to
8085-523: The IMF in 1980 after losing the support of the then United States President Jimmy Carter and was replaced by the People's Republic of China . However, "Taiwan Province of China" is still listed in the official IMF indices. Poland withdrew in 1950—allegedly pressured by the Soviet Union —but returned in 1986. The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and
8232-508: The IMF announced they had selected Lagarde. His sudden resignation led the IMF to search for a replacement and created new political worries. According to The Washington Post , "Without Strauss-Kahn at the helm, Europe is at risk of losing a key source of financial support in its efforts to contain the debt crisis buffeting the continent", including potential financial bailouts for nations such as Greece and Portugal. U.S. economist Joseph Stiglitz agreed, stressing that because Strauss-Kahn
8379-526: The IMF in 2007. Strauss-Kahn was first an activist member of the Union of Communist Students , before joining in the 1970s the Centre d'études, de recherches et d'éducation socialiste (Center on Socialist Education Studies and Research, CERES) led by Jean-Pierre Chevènement , future presidential candidate at the 2002 election . There, he befriended the future Prime Minister of France Lionel Jospin (PS). After
8526-425: The IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for XDR 23.8 billion and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122 billion to €66 billion. As of January 2012 ,
8673-503: The IMF on 18 May 2011, after being arrested by New York police on 15 May over allegations of sexual assault. He was on a plane, about to take off, when airport police asked that the plane be stopped; he was escorted off the plane and interviewed by police. The case was later settled for an undisclosed amount, with the Associated Press and The Atlantic reporting that it was rumoured to be around $ 6 million. Managing Director of
8820-515: The IMF on 18 May 2011. In his letter of resignation he denied "with the greatest possible firmness all of the allegations". He said he wanted to protect the IMF and devote all his energies to proving his innocence. On June 14, the IMF announced two candidates had been shortlisted for the post of managing director of the IMF. These were Agustín Carstens , governor of the Mexican central bank, and Christine Lagarde , French finance minister. On 28 June,
8967-564: The IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust (CCRT)" programme. Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under
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#17328021385759114-477: The IMF to deprive the Socialist Party of one of its more popular figures. Strauss-Kahn became the front runner in the race to become managing director of the IMF, with the support of the 27-nation European Union, the United States, China and most of Africa. On 28 September 2007, the International Monetary Fund 's 24 executive directors selected him as the new managing director . Strauss-Kahn replaced Spain's Rodrigo Rato . On 30 September 2007, Dominique Strauss-Kahn
9261-537: The IMF was to prevent financial crises, such as those in Mexico in 1982, Brazil in 1987, the 1997 Asian financial crisis , and the 1998 Russian financial crisis , from spreading and threatening the entire global financial and currency system. The challenge was to promote and implement a policy that reduced the frequency of crises among emerging market countries, especially the middle-income countries which are vulnerable to massive capital outflows. Rather than maintaining
9408-551: The IMF's agreement. Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The board of governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once
9555-672: The International Monetary Fund, 2007–2011 (resignation – sexual assault case ) In July 2013, Strauss-Kahn accepted a position as a board member of the Russian Regional Development Bank : a banking subsidiary of the Russian state oil company Rosneft . Shortly after that he also accepted a similar position at the Russian Direct Investment Fund . He was a member of the supervisory board of the bank Kredit Dnipro and involved himself in
9702-638: The MNEF Affair , a student mutual health insurance , and decided to resign from his ministerial office to fight these charges, in agreement with the " Balladur jurisprudence ". He was replaced by Christian Sautter . He was acquitted in November 2001, and was reelected in a by-election in the Val-d'Oise. As Minister of Economics and Finance, Strauss-Kahn succeeded in decreasing VAT to 5.5% for renovation works in construction, thus supporting this activity. At
9849-822: The National Credit Bank in May 2013. The bank was owned by the now bankrupt joint venture Leyne, Strauss-Kahn and Partners. But shortly after the bank was established, fighting in South Sudan began and in October 2014 he left the bank. On 25 September 2013, it was announced that Strauss-Kahn was to join Anatevka, a small investment banking firm based in Luxembourg. The firm was also to change its name to Leyne, Strauss-Kahn and Partners or LSK. His lead partner in
9996-489: The Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs. The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. Accurate estimations require a degree of participatory surveillance. Market sizes and economic facts are estimated using member-state data, shared and verifiable by
10143-711: The Socialist Party for the presidential election. At the same time, Strauss-Kahn co-founded the think tank À gauche en Europe (To the Left in Europe) along with Michel Rocard. He presided jointly with Jean-Christophe Cambadélis over the Socialisme et démocratie current in the PS. Strauss-Kahn was one of the first French politicians to enter the blogosphere ; his blog became one of the most visited, along with Juppé's, during his stay in Quebec . Strauss-Kahn then campaigned for
10290-491: The Socialist nomination for President of France in 2012 , and was considered an early favorite. On 10 July 2007, Strauss-Kahn became the consensus European nominee to be the head of the IMF, with the personal support of President Nicolas Sarkozy (member of the right UMP party). Former Polish Prime Minister Marek Belka withdrew his candidacy as it was opposed by the majority of European countries. Some critics alleged that Sarkozy proposed Strauss-Kahn as managing director of
10437-579: The Sofitel scandal and portray[ed] both characters in an unforgiving light". Sinclair said the film was "disgusting" and Strauss-Kahn's lawyer said "his client would sue the film's producers for libel". In 2020 Netflix released the documentary series Room 2806: The Accusation , a reconstruction of the Sofitel-affair and other cases of alleged sexual assault by Strauss-Kahn, based on interviews with persons involved. Strauss-Kahn declined to appear in
10584-440: The State of New York v. Strauss-Kahn was a criminal case relating to allegations of sexual assault and attempted rape made by a hotel maid, Nafissatou Diallo, against Dominique Strauss-Kahn at the Sofitel New York Hotel on 14 May 2011. On 19 May 2011, Strauss-Kahn was indicted by a grand jury ; after posting $ 1 million bail and pleading not guilty, he was placed under house arrest . On 1 July, prosecutors told
10731-486: The Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou ) ruling out a haircut. A second bailout package of more than €100 billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called Troika , of which
10878-420: The U.S.' had admitted they (or perhaps bankers in general) were 'too greedy' and bore part of the responsibility for the crisis. They said the government "'should regulate more, because we are too greedy, we can't avoid it.'" Strauss-Kahn said he warned the officials of a number of departments of the U.S. government of an impending crisis. He also said: "At the end of the day, the poorest – as always – pay
11025-466: The United States, the media does not normally identify by name persons making an accusation of rape. Former French justice minister Élisabeth Guigou , architect of a 2000 law on the presumption of innocence, said she found the televised images of Strauss-Kahn prior to the preliminary bail proceedings absolutely disgusting and described the coverage as a pre-trial indictment. Jack Lang , a former Minister of Culture and Minister of Education , described
11172-405: The United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe. There were two views on the role the IMF should assume as a global economic institution. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into
11319-447: The accuser's attorney countered that it was the inmate who expressed fear about the financial power of DSK and Nafissatou merely dismissed his fears by saying that her lawyer knew what he was doing. Thompson, the accuser's attorney, challenged the prosecutors' handling and interpretation of the phone call and asked them to withdraw and appoint a special prosecutor. The prosecutors declined to recuse their office, saying Thompson's request
11466-517: The affair and defending French feminism against American attacks. In response to the allegations Unite Here , the biggest union in the hospitality industry, said that hotels should provide sexual harassment training for workers. When Strauss-Kahn appeared in court on June 6, a group of room attendants, members of the New York Hotel Trades Council (NYHTC), arrived on a bus arranged by the union and demonstrated in front of
11613-424: The affair. She was later made redundant, and Strauss-Kahn assisted her in getting a new job. The IMF board issued the findings of the investigation; while noting that the affair was "regrettable and reflected a serious error of judgment on the part of the managing director", the board cleared Strauss-Kahn of harassment , favoritism or abuse of power , and indicated that he would remain in his post. Strauss-Kahn issued
11760-429: The alleged assault she waited in a hallway until Strauss-Kahn had left. She later said she cleaned an adjacent room, and then returned to Strauss-Kahn's room to clean there before reporting to her supervisor that she had been attacked. Among the discoveries were statements by Diallo to investigators differing from what she had put in her asylum application, her claiming to have only one phone while paying hundreds of dollars
11907-673: The bank Arjil, for which he raised advisory assignments to the Serbian Government in 2013 and to the Tunisian Government in 2016. On 13 September 2013, it was announced by Serbian Deputy Prime Minister Aleksandar Vučić that Strauss-Kahn would become economic adviser to the Serbian government and that he was expected in Belgrade the following week. Strauss-Kahn has helped the government of South Sudan to set up
12054-489: The case. Strauss-Kahn hired New York lawyer Benjamin Brafman to represent him. He was reported as having sought public relations advice from a Washington-based consulting firm. His defense team hired a private detective agency to investigate the housekeeper's past. Nafissatou Diallo was represented by Kenneth Thompson and Douglas Wigdor of Thompson Wigdor LLP, a two-partner law firm whose areas of expertise include employment law and civil rights cases. Thompson hired
12201-453: The chief economist, was appointed as first deputy managing director, effective 21 January 2022. Pierre-Olivier Gourinchas was appointed chief economist on 24 January 2022. According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing to its members. It also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The rationale for this
12348-420: The consequences of these policies for other countries and for the global economy . For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019. The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%. Indeed, it
12495-408: The conversation, one of at least three they recorded, raised "very troubling" questions about the credibility of the accuser "because she discussed the possible benefits of pursuing charges against a wealthy man." According to The New York Times , the translation of the call "alarmed prosecutors" as being another in a "series of troubling statements." After obtaining the recorded audio from the call,
12642-452: The country will be able to rectify its macroeconomic and structural imbalances. In the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members. As of 2004 , borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over
12789-451: The courtroom. CBS News noted that a media circus had begun because the case involved three elements of viewer interest: sex, politics, and money. The media impact of the case after the arrest was measured by the French media analysis firm Kantar Media . They found that during the first ten days of the scandal, 'DSK' appeared on the front page of more than 150,000 newspapers around the world. On 17 May 2011, Paris Match published
12936-418: The detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway. Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards that
13083-542: The documentary. International Monetary Fund The International Monetary Fund ( IMF ) is a major financial agency of the United Nations , and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability . Its stated mission
13230-438: The duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF. The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944. During
13377-399: The economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. The current managing director (MD) and chairperson of the IMF is Bulgarian economist Kristalina Georgieva , who has held the post since 1 October 2019. Indian-American economist Gita Gopinath , previously
13524-530: The encounter and that he had no intention of negotiating with her over a civil suit she had filed against him. Strauss-Kahn later reached a settlement with Diallo for an undisclosed amount over the civil suit. In the aftermath of the New York arrest, numerous other allegations of sexual misconduct were made. During the case, journalist Tristane Banon came forward with a claim that Strauss-Kahn had attempted to rape her. In September 2011, Banon stated that if there
13671-509: The end of March 2014, the IMF secured an $ 18 billion bailout fund for the provisional government of Ukraine in the aftermath of the Revolution of Dignity . In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%. In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $ 1 trillion as its response to
13818-455: The final acts adopted at Bretton Woods. British economist John Maynard Keynes , on the other hand, imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and act as the United States government had during the New Deal to the great depression of
13965-804: The first time in the Haute-Savoie department , and in 1988 in the Val-d'Oise department. He became chairman of the National Assembly Committee on Finances , famously exchanging heated words with the Finance Minister Pierre Bérégovoy (PS). In 1991, he was nominated by Mitterrand to be Junior Minister for Industry and Foreign Trade in Édith Cresson 's social-democratic government. He kept his position in Pierre Bérégovoy's government until
14112-422: The form of policy reform. If the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 executive board decision and later incorporated into the Articles of Agreement. Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak , the theoretical underpinning of conditionality
14259-425: The fund being tripled in size. "The Greeks trusted him", it notes, and he was "one of the few non-German policymakers to have had influence over Angela Merkel ... Whatever his personal failings, [he] was an outstanding head of the IMF." In addition, he had championed the need to protect poor countries from the effects of fiscal austerity , helping the IMF become "kinder and gentler" to less developed countries . As
14406-498: The goal of reconstructing the international monetary system after World War II . In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. The IMF works to stabilize and foster
14553-475: The handcuffed Strauss-Kahn were banned from publication under French laws, while their publication in the United States prompted outrage. These legal cases led to him dropping out the 2012 French presidential election , where he had been the favorite to win the Socialist Party's nomination (the party's eventual candidate, Francois Hollande , won the presidential election), and put an end to Strauss-Kahn's nascent political career. He then resumed his activities in
14700-654: The hotel and asking them to bring his missing cell phone to the airport, he was met by police and taken from his Paris-bound flight at New York City's John F. Kennedy International Airport minutes before takeoff. He was later charged on several counts of sexual assault plus unlawful imprisonment . Strauss-Kahn was accused of four felony charges—two of criminal sexual acts (forcing the housekeeper to perform oral sex on him), one of attempted rape and one of sexual abuse —plus three misdemeanor offences, including unlawful imprisonment. The U.S. State Department determined that Strauss Kahn's diplomatic immunity did not apply to
14847-613: The incumbent president, Nicolas Sarkozy. Diallo's lawsuit was settled, together with Strauss-Kahn's countersuit, for an undisclosed amount on 10 December 2012. A separate suit against the New York Post , who had reported she was a prostitute, was settled at the same time. Diallo's attorney, Kenneth Thompson, described Diallo as a strong and courageous woman who had never lost faith in the American system of justice. Previous news reports emanating from Le Monde that Strauss-Kahn
14994-415: The institution. Following Strauss-Kahn's arrest for sexual assault in New York, economist Eswar Prasad said that should he be forced to step down, the IMF "will find it hard to find as effective and skilful an advocate for keeping the institution central to the global monetary system". John Lipsky , the IMF's second-in-command, was named acting managing director on 15 May 2011. Strauss-Kahn resigned from
15141-470: The judge that they had reassessed the strength of their case in the light of the housekeeper's diminished credibility . On 23 August 2011, the judge formally dismissed all charges following a recommendation for dismissal filed by the District Attorney's office, which asserted that the complainant's untruthfulness made it impossible to credit her. At the time of the alleged attack, Strauss-Kahn
15288-544: The largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine. On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika , at the cost to the Cypriots of its agreement: to close the country's second-largest bank ; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits. No insured deposit of €100k or less were to be affected under
15435-525: The leaders of the Socialist Party for the regional elections in the Ile-de-France region (Paris and suburbs), which were won by the PS. But as Strauss-Kahn refused to swap his ministry for the executive leadership of the Ile-de-France, Jean-Paul Huchon became the president of the regional council. In 1999, he was accused of corruption in two financial scandals related to Elf Aquitaine and
15582-564: The most influential ministers in his Plural Left government. Although it was in theory contrary to the Socialist Party's electoral program, he implemented a wide privatization program, which included among others the IPO of France Télécom ; he also implemented some deregulation policies in the research and development sector. The French economy achieved an excellent performance during his term of office: GDP increased, whereas unemployment and public debt decreased (creation of 300,000 jobs in 1998,
15729-408: The most." Referring to his diplomatic efforts to secure IMF aid for Europe following the 2010 sovereign debt crisis , economist Simon Johnson described Strauss-Kahn as " Metternich with a BlackBerry ". In May 2011, referring to the IMF's change of heart in favour of progressive rather than neoliberal values, Joseph Stiglitz wrote that Strauss-Kahn had proved himself to be a "sagacious leader" of
15876-413: The name of the housekeeper in a piece which included appraisals of her attractiveness. Other French newspapers quickly followed suit in naming her, eventually adding photos and details of her private life. On 14 June, The New York Times followed the lead begun by other anglophone media in running an "unusually extensive" story on the housekeeper's background, while continuing to withhold her name. In
16023-413: The new leadership of the PS, then in the opposition, in the 2003 congress of the party. But he joined the party's leadership again at the end of 2004, and was given overall responsibility for drawing up the Socialist programme for the 2007 presidential election , along with Martine Aubry and Jack Lang . During the summer meeting of 2005, he announced that he would be a candidate for the primary elections of
16170-464: The new strains and that the allegations were unlikely to separate them. While he was considered a womanizer and described by Le Journal du Dimanche as un grand séducteur ("a great seducer"), a number of close friends said the allegations were out of character. His previous wife, Brigitte Guillemette, insisted that violence was not part of his temperament and that the allegations were "unthinkable and impossible". The Spanish writer Carmen Llera,
16317-406: The number and nature of her attackers; pointing out scars that were supposedly from the attack; and how her 2-year old daughter was present. When she finally admitted that the story was fabricated, she at first said that she made up the attack to be consistent with her asylum application. But that too turned out to be untrue—as her asylum application makes no mention of any gang rape. In addition,
16464-470: The ongoing French Socialist Party presidential primary be suspended to discuss the possibility of Strauss-Kahn's participation. In March 2012, students at Cambridge University in the UK protested against Strauss-Kahn being allowed to speak on campus. Because of the original charges and the maid's allegations, a campus women's group opposed his visit, with 750 students signing a petition to withdraw his invitation. In defending their decision to invite him,
16611-428: The organization's conditional loans. During the 20th century, the IMF shifted its position on capital controls. Whereas the IMF permitted capital controls at its founding and throughout the 1970s, IMF staff increasingly favored free capital movement from 1980s onwards. This shift happened in the aftermath of an emerging consensus in economics on the desirability of free capital movement, retirement of IMF staff hired in
16758-491: The organization's other member-states. This transparency is intended to facilitate international co-operation and trade. Since the demise of the Bretton Woods system of fixed exchange rates in the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations. The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses
16905-409: The party unsure how to proceed. On 28 June, party leader Martine Aubry announced her candidacy for the presidency, joining François Hollande and Ségolène Royal amongst party contenders. Strauss-Kahn endorsed Aubry's candidacy. François Hollande was elected the Socialist Party presidential candidate on 16 October 2011. The 2011 Law & Order: Special Victims Unit episode " Scorched Earth "
17052-530: The president of the Cambridge Union Society explained that "we can't engage in any kind of judgement on people," while a university spokesperson added that the university "respects academic freedom and freedom of speech." A student protester who was interviewed defended the protests, saying "... we wanted to exercise our own freedom of speech as individuals and let the union know what we think." Strauss-Kahn resigned from his position as head of
17199-593: The president of the Poitou-Charentes region. Strauss-Kahn finished second, behind Royal. On 13 April 2007, Strauss-Kahn called for an "anti- Sarkozy front" between the two rounds of the forthcoming presidential election . Following Ségolène Royal's defeat, Strauss-Kahn criticized the PS's strategy and its chairman, François Hollande . Along with Fabius, he then resigned from the party's national directorate in June 2007. Strauss-Kahn had been widely expected to seek
17346-538: The pricing of certain assets, such as oil and gold, from dollars to SDRs. For some commentators, that amounts to a call for a "new world currency that would challenge the dominance of the dollar". In 2008, the IMF Board appointed an independent investigator following allegations that Strauss-Kahn had had an affair with a subordinate, Piroska Nagy, who was married at the time to economist Mario Blejer . Nagy alleged that Strauss-Kahn had used his position to coerce her into
17493-481: The private channel TF1 and in charge of a political show, Sept sur Sept . She ceased presenting this show after Strauss-Kahn's nomination as Minister of Economics and Finance in 1997, in order to avoid conflict of interest, while Strauss-Kahn himself ceded his place as mayor to François Pupponi in order to avoid double responsibilities. In 1997, Prime Minister Lionel Jospin (PS) appointed Strauss-Kahn as Minister for Economics, Finance and Industry , making him one of
17640-546: The private sector, mainly advising governments on their sovereign debts. Dominique Strauss-Kahn was born on 25 April 1949 in the wealthy Paris suburb of Neuilly-sur-Seine , Hauts-de-Seine. He is the son of lawyer Gilbert Strauss-Kahn. Strauss-Kahn's father was born to an Alsatian Jewish father while Strauss-Kahn's mother is from a Sephardic Jewish family in Tunisia . He and his parents settled in Morocco in 1951, but after
17787-421: The prosecution learned that, the day following the alleged assault, the housekeeper had made a phone call in her native Fula language to her boyfriend in an immigration detention center. The New York Times quoted a law enforcement official as saying that a translation of the call revealed she had used words to the effect of "Don't worry, this guy has a lot of money. I know what I'm doing." Prosecutors said that
17934-467: The prosecution. He returned to Paris on 3 September 2011. On 9 September 2011, the accuser's attorney filed a civil suit against Strauss-Kahn in New York City, followed weeks later by a motion for dismissal by Strauss-Kahn. On 18 September 2011, Strauss-Kahn was interviewed on French TV. He conceded that his encounter with Diallo in New York had been an error and a moral failure, but denied it
18081-520: The published images of Strauss-Kahn as a lynching and wondered why Strauss-Kahn had not been granted bail at his first application since, according to Lang, the case was not that serious. He later apologised. Hugh Schofield of the BBC reported that Strauss-Kahn's arrest and incarceration had provoked a national trauma in France far deeper than anyone could have imagined: images of Strauss-Kahn's post-arrest perp walk had "reawakened an anti-Americanism that
18228-447: The same day. That evening The New York Times reported the case as being on the verge of collapse and quoted law-enforcement officials as saying investigators had uncovered major holes in the housekeeper's credibility. Following Strauss-Kahn's release on bail the following day, the same paper reported that Diallo had admitted she lied about the events immediately following her encounter with Strauss-Kahn. She had initially said that after
18375-468: The same political movement, Socialisme et démocratie , but failed to make it more than an informal network. After Jacques Chirac 's success in the 2002 presidential election and the following Union for a Popular Movement (UMP)'s majority in Parliament, Strauss-Kahn was re-elected Member of Parliament on 16 June 2002, in the 8th circonscription of the Val-d'Oise. He first declined in taking part in
18522-575: The same time, he decreased the budget deficit, which was more than 3% of GDP under Alain Juppé 's center-right government (1995–97). He thus prepared France's entrance into the eurozone. Strauss-Kahn also repealed the Thomas Act on hedge funds , and launched the Conseil d'orientation des retraites (Orientation Council on Pensions ). Strauss-Kahn succeeded in combining followers of Jospin and Rocard in
18669-409: The sovereignty of full UN member states, such as Aruba , Curaçao , Hong Kong , and Macao , as well as Kosovo . The corporate members appoint ex-officio voting members, who are listed below . All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa. Former members are Cuba (which left in 1964), and Taiwan , which was ejected from
18816-416: The system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism . The IMF's influence in the global economy steadily increased as it accumulated more members. Its membership began to expand in the late 1950s and during the 1960s as many African countries became independent and applied for membership. But
18963-455: The systems: A 2021 study found that the IMF's surveillance activities have "a substantial impact on sovereign debt with much greater impacts in emerging than high-income economies". IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in
19110-597: The terms of a novel bail-in scheme. The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp
19257-466: The venture is Thierry Leyne. In 2014, LSK announced an effort to launch a $ 2 billion hedge fund. Three days after Strauss-Kahn left the National Credit Bank in October 2014, Thierry Leyne committed suicide in Tel Aviv . On 7 November 2014, the company filed for bankruptcy with debts of 100 million € . France 2 television has investigated Strauss-Kahn (Cash Investigation) and has shown that he has made
19404-448: The wake of an allegation that he had sexually assaulted a hotel maid ; the charges were later dismissed. Other sexual allegations followed, and resulted in acquittals. These accusations were seen as controversial in France, and prompted prominent conspiracy theories, as well as a debate on the role of the media in debating and determining a suspect's guilt ahead of conviction or legal proceedings having even been initiated. Numerous photos of
19551-443: Was Minister of Economy and Finance from 1997 to 1999, as part of Lionel Jospin 's Plural Left government. He sought the nomination in the Socialist Party presidential primary of 2006 , but was defeated by Ségolène Royal . Strauss-Kahn was appointed managing director of the IMF on 28 September 2007, with the backing of then– President of France Nicolas Sarkozy . He served in that capacity until his resignation on 18 May 2011, in
19698-553: Was "an impressive leader of the IMF and re-established the credibility of the institution," the choice of his replacement was important, otherwise "the gains of the institution could easily be lost." According to The Economist magazine, before Strauss-Kahn became head of the IMF, the fund's relevance to global finance was in question. However, his early endorsement of fiscal stimulus for the Eurozone during its financial crisis had been accepted and acted upon, with new contributions to
19845-413: Was a criminal act. He accused Diallo of lying about the encounter. In an interview with Libération on 28 April 2011, Strauss-Kahn stated he was "worried his political opponent, Nicolas Sarkozy , would try to frame him with a fake rape". Paris politician and advocate of gender equality Michèle Sabban said she was convinced there was an international plot to frame him. A few days after his arrest,
19992-527: Was at this number that the Greek government-debt crisis started in 2010. In 1995, the International Monetary Fund began to work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and
20139-517: Was crowdfunded and released in 2011. Originally, the lead character's name was announced to be Dominique Sex King, which was later changed to David Sex King. A feature film directed by Abel Ferrara , Welcome to New York (2014), was based on the Strauss-Kahn story. The film, featuring " Gérard Depardieu as Devereaux, a character modeled on Strauss-Kahn, and Jacqueline Bisset as Simone, likewise based on Anne Sinclair , ... [was] built around
20286-495: Was finalized in 2013. In 2017, Strauss-Kahn married Myriam L'Aouffir [ fr ] , a digital communications expert. Strauss-Kahn also has an American son, Darius, born in 2010, as a result of an affair while he was serving as Director General of the IMF in Washington DC. From 1977 to 1981, Strauss-Kahn lectured at the University of Nancy -II, first as an assistant, and later as assistant professor, before taking
20433-505: Was formally named as the new head of the International Monetary Fund (IMF). The only other nominee was the Czech Josef Tošovský , a late candidate proposed by Russia. Strauss-Kahn said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment". Under Strauss-Kahn the IMF's pursuit of financial stability included calls for
20580-438: Was no criminal prosecution, she would bring a civil case against Strauss-Kahn. According to a report in L'Express , Strauss-Kahn admitted to attempting to kiss Banon. In October, the French public prosecutors dropped the investigation. They stated that there was a lack of evidence regarding the allegation of attempted rape. A pornographic parody film about the case, titled DXK , starring Roberto Malone as titular character,
20727-435: Was no element of forcible compulsion in this case whatsoever. Any suggestion to the contrary is simply not credible." Kenneth Thompson, Diallo's lawyer, said all of Strauss-Kahn's power, money and influence would not stop the truth from coming out. On 30 June 2011, the district attorney sent a letter to Strauss-Kahn's defense team disclosing information about the housekeeper. Prosecutors met with Strauss-Kahn's defense team
20874-433: Was published a few days later, as was a deconstruction by Matina Stevis of The Wall Street Journal . In the October 2013, Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%. The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced
21021-590: Was readmitted in 1990, after the Velvet Revolution . Apart from Cuba, the other UN states that do not belong to the IMF are Monaco and North Korea . Liechtenstein became the 191st member on 21 October 2024. Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by
21168-417: Was settling for $ 6 million were denied by both parties. Le Journal du Dimanche (JDD) later reported the settlement as for $ 1.5 million, of which Diallo received a little less than $ 1 million after fees. JDD noted that negotiations between the parties had commenced after an application for diplomatic immunity by Strauss-Kahn had been rejected by the judge. Settling the suit meant that Strauss-Kahn avoided
21315-584: Was the "monetary approach to the balance of payments". Some of the conditions for structural adjustment can include: These conditions are known as the Washington Consensus . These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment problems in a way that would negatively impact the international economy . The incentive problem of moral hazard —when economic agents maximise their own utility to
21462-580: Was the head of the International Monetary Fund (IMF) and considered to be a leading candidate in the 2012 French presidential election . Four days after his arrest, he voluntarily resigned his post at the IMF. On 14 May 2011, Strauss-Kahn was arrested and charged with the sexual assault and attempted rape of 32-year-old Nafissatou Diallo, a housekeeper at the Sofitel New York Hotel in the Manhattan borough earlier that day. After calling
21609-430: Was without merit. The morning after the prosecution's disclosures, in a brief court hearing in which prosecutors said they had reassessed the strength of their case, Strauss-Kahn was released from house arrest on his own recognizance without bail. His passport remained surrendered although he was free to travel within the US. After the hearing, Kenneth Thompson, the housekeeper's attorney, defended his client: "It's
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