IMF poised to name Strauss-Kahn new chief

Backed by the European Union and the United States, the former French Socialist finance minister is virtually assured to succeed IMF managing director Rodrigo Rato, who is stepping down next month.

The change in leadership comes as the 63-year-old IMF, which bails out countries in crisis, faces its own crisis of relevancy and legitimacy in a world flush with cash and access to capital.

Strauss-Kahn was awaiting the announcement in Santiago, Chile, making what he called a symbolic visit to underscore his pledge to give more voice to emerging countries if elected.