The selection of a new managing director of the International Monetary Fund is usually a discreet affair, conducted almost exclusively behind closed doors. But the competition to replace Frenchman Jacques de Larosiere, who announced his coming departure in September, has generated -- in financial circles at least -- all the excitement of a tight horse race. Last week a winner hit the wire: Bank of France Governor Michel Camdessus, 53. When he takes over next month as chief of the IMF, which provides short-term emergency loans to troubled nations, Camdessus will become perhaps the second most powerful moneyman in the world,...
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