IMF in support of bankruptcy plan

UK - The International Monetary Fund's management has thrown its weight behind a radical plan for an international bankruptcy procedure, allowing indebted governments to seek legal protection from their private sector creditors.

Anne Krueger, the IMF's first deputy managing director, made the surprise call in a speech late on Monday night in Washington.

Describing the plan as "the missing element we must provide" in the global financial system, Ms Krueger said the IMF should have the power to i