The Greek Parliament passed an austerity package today, but the possibility of default still looms.
In replacing Dominique Strauss-Kahn as IMF chief, French Finance Minister Christine Lagarde becomes the first woman to lead the fund.
Greece is reluctant to pass wildly unpopular austerity measures that have brought thousands of angry protesters to the streets, but it has little choice.
Portugal and Ireland may follow Greece in asking for more financial help, which could drive up the cost of borrowing money across Europe and elsewhere.
The protests have become the largest social movement in Greece since martial law in 1974. More than a pushback against austerity, they hint at broad skepticism toward Europe's leaders.
If Prime Minister George Papandreou survives tonight's confidence vote, he will push for the austerity measures needed to secure further financial aid from EU and IMF to avoid a default.
Emerging markets should join forces and push for more clout within the International Monetary Fund, says Mexico's central banker, who wants to head the IMF and is counting on support from emerging markets.
Greece bailout talks involve a second rescue package roughly the size of the first. But Greece bailout could be delayed until July.
Germany and France reached an agreement that should see a desperately needed Greece bailout move forward.
Germany's Chancellor Angela Merkel faces growing anger at home over German help in buoying the Greek economy with a second bailout package.