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Washington, D.C., United States (AHN) – The International Monetary Fund is considering only two candidates to replace resigned Managing Director Dominique Strauss-Kahn.

The shortlisted candidates are French Finance Minister Christine Lagarde and Mexican Central Bank Governor Agustin Carstens.

Lagarde, the frontrunner, has been making the rounds of developing nations such as India and China in a bid to convince them to vote in her favor. On Monday, it was Carstens’ turn to lobby.

Carstens warned Washington that if Lagarde would be appointed as IMF chief, the fund could face a conflict of interest.

The central bank governor said at a speech before the Peterson Institute for International Economics that the IMF would be perceived as protecting the interests only of European if the fund still lives by a six-decade old backroom agreement that the top IMF post to a European and the leadership of the World Bank to an American.

Carstens told the audience – which includes IMF board members, U.S. government officials and known economists – that the IMF has to work harder to maintain its credibility with developing nations. He said making a European the IMF’s head at this point would create doubt among emerging economies because Europe is apparently weak in overseeing the economies of its member-nations.

He cited as proof the recent IMF loans to Greece, Ireland and Portugal, which were the largest in the fund’s history. This situation, he added, is an indicator that Europeans continue to dominate the IMF, which would be worsened with Lagarde’s appointment as replacement for Strauss-Kahn, who is battling sexual assault charges in New York.

Carstens acknowledged that Lagarde’s chances of clinching the top IMF post are high. He said what his candidacy provides is an option for developing economies to have more say in international bodies such as the IMF.

With the shortlisting of the two, the IMF executive board will soon meet Carstens and Lagarde in Washington, discuss the strengths of two and announce the new IMF managing director by June 30.

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Almaty, Kazakhstan (AHN) – The Kazakhstan candidate for the vacant position of managing director at the International Monetary Fund may soon back out of the race.

The reason National Bank of Kazakhstan head Grigon Marchenko cited is the lopsided battle in favor of French Finance Minister Christine Lagarde.

Lagarde is the top favorite to replace former IMF chief Dominique Strauss-Kahn. She has the backing of the majority of European nations and possibly the U.S. too to maintain a five-decade old gentleman’s agreement that a European hold the top IMF job and an American the top job at World Bank.

The banker pointed to Strauss-Kahn’s bid to run for the presidency in France as the time that G8 members decided to back Lagarde, whose appointment to the top IMF post is considered almost a done deal.

Marchenko opined that G8 countries – which control over 60 percent of the IMF board votes – have decided to support Lagarde even before Strauss-Kahn was forced to resign over a sexual assault charge filed last month by a hotel maid.

Marchenko, an economist who studied at Georgetown University in the U.S., said despite the lopsided race, the Kazakh government would still pursue consultations with other countries over his nomination. The nomination process ends June 10.

Lagarde, to further improve her chance of replacing Strauss-Kahn, even courted the votes of emerging economies such as India and China to weaken the European versus developing countries’ war for the top IMF post.

The battle to replace Strauss-Kahn had practically been reduced to a choice between Lagarde and Mexican Central Bank Governor Agustin Carstens, who is seen as the representative of emerging and developing economies.

Former Soviet Commonwealth of Independent States representatives picked Marchenkko as their candidate in a meeting held in May. They selected someone from Kazakhstan because the former Soviet union member is perceived as a neutral nation on account of its geographical location, which is between Russia and China.

Although the attention of the finance community is on the IMF selection process, reports surfaced on Thursday that U.S. Secretary of State Hillary Clinton is being considered to be the next president of the World Bank.

The present World Bank President Robert Zoellick’s term will end middle of next year. His replacement must secure the approval by 187 member countries of the World Bank.

Clinton’s staff denied the report that the secretary allegedly talked with White House over plans to quit her post for the World Bank job.

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New York, NY, United States (AHN) – The battle to fill the top International Monetary Fund post vacated by the resignation of Managing Director Dominique Strauss-Kahn has apparently been reduced to a war between Europe and developing nations.

Mexico’s Central Bank Governor, Agustin Carstens, took the struggle to a higher level on Tuesday by seeking the vote of developing countries to counter the solid support enjoyed by French Finance Minister Christine Lagarde from European nations.

Even the U.S. is apparently siding with Europe’s choice in a tit-for-tat political arrangement to ensure Washington keeps its grip on the top spot at the World Bank and the number two post in IMF.

Carstens criticized European leaders for imposing Lagarde on the rest of the world. The governor said that if the selection of Strauss-Kahn’s replacement would be treated as “business as usual,” changes would never take place.

Carstens pointed out that although there was no final list of candidates yet for the IMF managing director post, Europe has made up its mind in backing Lagarde. The IMF will close application for the position on Friday.

Lagarde, however, is also courting the vote of developing nations despite being frontrunner of the race. She met with Indian officials as part of her world tour to seek their support for her candidacy. The French minister even promised to represent the needs of emerging economies by partly “becoming an Indian.”

Lagarde will next try to convince Chinese officials to back her up, based on her merit. Carstens is holding his global tour and plans to court the votes of Indian, Chinese and Japanese officials.

Indian Finance Minister Pranab Mukherjee said he agreed with Lagarde that the next IMF managing director should be picked based on merit and not geography. But he declined to indicate if India would support Lagarde or Carstens.

The IMF is expected to name Strauss-Kahn’s successor by the end of June. Another rival of Carstens and Lagarde for the position is South African former Finance Minister Trevor Manuel.

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People with bad credit may find that they need to get a high risk personal loan at one time or another in order to help them make ends meet. Sometimes a personal loan is needed to help catch up on bills or to help pay current bills. You may also need a personal loan to help you in the event of an unexpected emergency. Such emergencies may consist of a medical emergency where you become ill and are unable to work, or perhaps there was an accident which limits you from work as well. No matter what the reason is, the fact is you still need a personal loan and given your credit history, it will end up being a high risk personal loan. There are a few options for you to choose from when getting such a loan. (more…)

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The word alternative is used to describe something that is able to serve as a substitute for something else. Business cash advances are often referred to as the small business loan alternative because they are capable of satisfying the same needs as a small business loan.

In short, small business loans are used to finance business endeavors. Usually, business owners need more money than they have on their own in order to put a business plan into action. Banks usually provide borrowers with the extra funds that they may lack, on the premises that the loan will be repaid in a timely manner. These loans are made available because it is understood, that small business is an important part of the economy, as they employ over half of the American workforce and from 1998 to 2004 they produced more than 50 percent of the private, non-farm Gross Domestic Product.

Quite often, small business loan applicants have their loan requests denied. This can happen for various reasons. A borrower can be rejected because he does not have collateral. Many banks require collateral to secure the loan. Banks want to be sure that they will get their money back no matter what, so if an applicant does not have collateral, it poses more of a risk to the banks. (more…)

photo credit: Alex Osterwalder

Small business loans allow owners to get the money that they need quickly and affordably. These lending solutions can be used to do many things, from purchasing new equipment or inventory, to helping you to get caught up your bills. You may even have another idea that you want to implement and need help starting it up. These loans are usually affordable, depending on the qualifications of the individual applying for the loan.

Most of the time, small business loans are obtained through a meeting or interview with the lending representative, although online solutions are becoming available to those that qualify. (more…)

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Are you interested in getting guaranteed business loans so you can start your own small business or even use the money to grow your previous business to make more profits?

Then this guide is going to help you get the insider tips and information you need to make the best choice and save the most money in the process of getting your business loan.

You know how it is difficult to get a loan when you have a bad credit. Because the first thing lenders always do is checking your credit history and if less than great, they usually reject your loan request. (more…)

photo credit: Mike Licht, NotionsCapital.comOne of the most prominent changes with every lender in today’s market are the stricter underwriting guidelines they are imposing on all their borrowers. Because of their previous lackadaisical approach, many lenders have found themselves in great trouble with many closing their doors and claiming bankruptcy. The lenders who are still in business now realize the importance of sound underwriting on all of the loans that come across their desk.

When a loan request is submitted to a lender, a loan processor is typically assigned to the loan to gather all of the necessary documents that the underwriter will need to evaluate the loan and to make sure the borrower will be able to make their payments and still have a reserve for emergencies. The documentation they will require is also required by the regulators that the banks have to answer to. Because of the mortgage crisis, regulators are running around as fast as they can and are extremely picky with what they need as documentation.

While this should have been happening over the past years, it has caused banks to reorganize their underwriting departments and request for more information than they need to ensure they will meet the regulators stringent requirements so they can keep lending. (more…)

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You have a fabulous business idea, you’ve done all the planning and projections and you have confidence that your business start up is sound. There’s only one thing missing. The cash to get it off the ground! You may be thinking that good ole’ Dad or good ole’ Aunt Betty will front you the investment capital you need. After all, they believe in you, right? Well, whether or not your family and friends have faith in you is not really the issue at stake here. Unless you are willing to negotiate a partnership with your family, or they simply have extra money they are looking to invest in a sure thing, you may want to consider the potential strain of borrowing money from people you know can put on your relationships. What if your plan does not go according to plan and you are not able to meet your agreement to repay the personal loan? (more…)