The International Monetary Fund will need to find a new leader. Dominique Strauss-Kahn has resigned as managing director. Mr. Strauss-Kahn is charged with a sexual attack on a cleaning woman at a New York hotel last Saturday. He said in a resignation letter released Thursday by the IMF that he denies the charges " with the greatest possible firmness. "
His fall has especially shocked Europe. The 1MF is currently playing a major part in rescue loans to Greece, Ireland and Portugal. European nations have increasingly depended on the fund to help them in their recent struggles with debt. The IMF has traditionally been led by a European. But fastgrowing economies in the developing world say it is time for a change. Officials from Brazil, China and India say Mr. Strauss-Kahn’s replacement should come from outside Europe, though German Chancellor Angela Merkel, leader of Europe’s biggest economy, disagrees: "In the present situation, when we have significant problems with the euro and the IMF.is very much involved there, there should be a European candidate with support from the international community. "
Dominique Strauss-Kahn became managing director in 2007. The Frenchman widely known as DSK is a member of France’s Socialist party. Before his arrest, he was considered a leading candidate for France’s presidential election next year.