Ireland endorses Lagarde for IMF chief

Ireland, though, is giving its backing to the current forerunner for the top position, French Finance Minister Christine Lagarde. The endorsement comes after England, France, Italy and Germany all vouched their support for Lagarde.

However, Ireland's backing of the French candidate comes as a surprise as the two countries have been in contention over the EU's proposed bailout of debt-ridden Ireland. Another voice has weighed in on Legard... that's Angel Gurria, secretary general of the Organization for Economic Co-operation and Development (OECD).

She believes that Lagarde will bring cohesiveness to the IMF's management, should she be elected. Diplomatic sources told Reuters that Lagarde is planning to announce her candidacy during a press conference at 9:45 GMT, that's 5:45 this afternoon, local time.

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