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EU Chooses France's Former Finance Minister to Head IMF Board

The European Union on Tuesday chose France's Dominique Strauss-Kahn to head the International Monetary Fund.

Portugal, which leads talks between all 27 EU nations, said Europe would support Strauss-Kahn, a former French finance minister, after Spain's Rodrigo Rato steps down in October.

By tradition, Europe and the United States have carved up the top jobs at the world's two major financial institutions, with the EU picking the head of the IMF and the U.S. choosing who should lead the World Bank.

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