Ex IMF chief ready for electronic monitoring,home detention

New York, May 19(ANI): Former International Monetary Fund(IMF) Managing Director Dominique Strauss-Kahn has suggested that his movements be monitored an electronically and that he be allowed to stay at his daughter's home during his sexual assault charges trial.

He has also offered one million dollars in cash as bail and surrendered his French passport and diplomatic travel documents. He promised to voluntarily appear for all proceedings relating to matters for which he has been charged, The Washington Post reports.

Strauss-Kahn's attorneys have said their client would plead innocent in the seven criminal counts lodged against him, which carry a possible prison term in excess of 25 years. A grand jury is scheduled on Friday to decide whether to indict him.

His arrest has led to speculations in the IMF circles about whether his successor would be from a developed or a developing country.

Several nations and outside analysts argue that Strauss-Kahn's departure would signal changes in the procedure of appointment of the IMF chief.

"There has been a clear understanding repeated in communique after communique that the time has come to change past practice" that allowed Europe to nominate a candidate that the other nations accepted, There are very, very strong, able candidates from the developing world" , director of the Group of 24, policy co-ordination organization of the IMF, Amar Bhattacharya said.

Under the fund's governing articles, the executive board has authority to hire - and fire - the managing director virtually at will.

But the IMF's governing structure would make it difficult to challenge the traditional procedure for selecting a managing director as the voting power on the body is weighted based on each country's financial contribution to the IMF.

In practice, it implies the United States and eight European directors including Japan, Canada and Australia command a voting majority of 65 percent.(ANI)

Copyright Asian News International/DailyIndia.com