Russia

The 24 members of the IMF board are meeting to see if they can agree that Christine Lagarde should be the organisation’s next leader without a formal vote. Lagarde has already gained formidable backing. 40 per cent of the membership had indicated its support before today’s meetings, while her closest competitor, Mexican Augustin Carstens, had mustered just 12 per cent of the IMF’s votes. The remaining 48 per cent is now concentrating behind Lagarde’s candidacy. Her popularity extends beyond Europe into the vital emerging markets.  Russian Finance Minister Alexei Kudrin gave his signature today, saying that he hopes she will ‘secure reform of the IMF in the interests of developing

Wen Jibao’s comments to the BBC about the euro crisis dramatise the shift in economic power from west to east. Jibao remarked that: “Trust is more important than currency and gold and now, during the debt crisis, we again bring trust to Europe. I have total trust in Europe’s economic development”. But China’s role in the euro crisis is far less problematic than Russia’s. As Stratfor has highlighted, if Russia — or one of its effectively state controlled companies — were to buy a considerable stake in Greece’s gas company DEPA when it is privatised (as it will be as part of the bailout package)  it could render irrelevant the

The pressure is being turned up on Colonel Gaddafi, but it may still take a while to have an effect. The Libyan dictator retains some form of power and has told the only person who has been granted access to see him, South Africa’s Jacob Zuma, that he intends to stay on in Libya. He wants a ceasefire before anything else is discussed. The rebels in Benghazi, meanwhile, want him to go before anything else is discussed. And so the bombing goes on. At the UN, people talk of negotiated settlement, fearing that chaos would follow Gaddafi’s killing. That may be true, but there has been little evidence so far

While Britain agonised over deploying attack helicopters to Libya, the conflict seems to have escalated of its own accord. Noman Benotman, a former member of the Libyan Islamic Fighting Group, has described the current dispositions for the Times this morning (£). He has learned that many of Gaddafi’s military leaders are planning a coup to save their skins; Colonel Gaddafi is reluctant to arrest their nascent treachery for fear of triggering open rebellion. Other officers are following the example of civilian administrators like Moussa Koussa, feeling that now is the time to cut and run. News of Gaddafi’s withering power will please NATO, even if it is exaggerated. However, Benotman’s

As the severity of the Fukushima nuclear disaster is upgraded and thousands of people are evacuated from Japan, here’s Samuel Phipps’ account of his own evacuation from Minsk following the 1986 Chernobyl explosion. A Sudden Evacuee, Samuel Phipps, The Spectator 10 May 1986 ‘You’ll be national heroes when you get back to England,’ said one of our Russian friends in Minsk, as we sat outside the hostel, waiting in the evening sunshine for our fates to be determined. Sure enough, pictures on Friday lunchtime television showed a relieved mother pouring champagne over her relieved Sloane Ranger daughter at Heathrow. In the studio afterwards, the girl somehow got the conversation around

We now know that Libya is heading into a full on civil-war and that Gaddafi is prepared to do pretty much anything to stay in power. The former interior minister Abdel Fattah Younes al-Abid, admittedly a partial source, says that he defected after arguing with the Libyan leader over his plan to bomb the rebel stronghold of Benghzai. In an ideal world, the United Nations would move to impose a no fly zone on Libya. But this is unlikely to happen. Russia and China, for obvious reasons, want to uphold the principle of non-interference in another state’s affairs even if that state is brutally repressing its own people.   This

Yesterday was momentous, but we should not lose sight of the head of the IMF saying that the Chinese renminbi could take steps to becoming a global reserve currency. To be specific: Dominique Strauss-Kahn has in mind adding renminbi to the IMF’s Special Drawing Rights system. In itself, no big deal – but a notable kiss being blown to Beijing. It fits a trend. The Chinese, notoriously, manipulate the value of their currency to keep their goods cheap, so they can’t have their currency treated with reserve status. But power is shifting – and America’s fiscal misbehaviour has unsettled international investors. John Peace, chairman of UK bank Standard Chartered, put

I wish I could be more enthusiastic about the events in Egypt and Tunisia – but, as I say in my News of the World column (£) today, the citizens of the Arab world all too often have a choice between a Bad Guy and a Worse Guy. Egypt looks like its choice is between the status quo, the Muslim Brotherhood or a military coup. This is not a 1989-style revolution, there is no Arabic equivalent of Scorpions singing Wind of Change. Successful revolutions normally have a well-organised alternative government, with a clear route towards democracy. Where is the Egyptian Lech Walesa, or the Tunisian Vaclav Havel? Many, especially on

A suicide bomber has killed more than thirty people at Moscow airport. This is the third major terrorist attack on Russian soil in the last year. Islamist groups were responsible for the previous two attacks and, I imagine, will claim proprietorship this one also. It is a telling reminder that the domestic threat faced by Russia and NATO are becoming more aligned, which should lead to greater co-operation between the two in the coming decade. Already, NATO Secretary General, Anders-Fogh Rasmussen (not a man to cower before the pernicious Islamist menace) has said that his organisation will stand together against terrorism.