E.U. Presses Ahead With Bailout Talks Despite I.M.F. Chief's Absence

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Source: The New York Times

BRUSSELS — Despite the absence of Dominique Strauss-Kahn, the managing director of the International Monetary Fund, European finance ministers pressed ahead Monday with talks expected to approve a bailout for Portugal and debate new aid to debt-strapped Greece.

But the scandal engulfing Mr. Strauss-Kahn cast a long shadow, depriving ministers of the advice of a powerful and experienced European with a pivotal role on the global financial stage.

A former French economy minister, Mr. Strauss-Kahn was a member of the political generation that created the euro, someone who had the respect of the euro zone’s most senior politicians and officials.

And, though most diplomats expected him to leave the I.M.F. soon anyway to run for president of France in elections next year, the thought that he might now depart under a cloud increased concerns that the cosy arrangement under which a European gets to lead the fund was in doubt.

Read more: http://www.nytimes.com/2011/05/17/business/global/17euro.html&pagewanted=all