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IMF’S Lagarde Enjoys Funds Victory Exposing Europe Rifts

Three months after waving her purse in front of global finance chiefs, Christine Lagarde filled it with more than $430 billion in pledges for the International Monetary Fund. She may not enjoy her victory for long.

The lender’s spring meetings ended yesterday in Washington with a doubling of its war chest and a number of sores exposed among its 188 members. Managing Director Lagarde fell short of her original $600 billion goal as the U.S. declined to chip in, while Canada proposed making it harder for Europe to tap aid. Big emerging markets demanded more power at the IMF before writing checks.