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Former IMF Chief Now Under House Arrest

Dominique Strauss-Kahn at Manhattan Criminal Court in New York, May 16, 2011

The former head of the International Monetary Fund was released to house arrest Friday after spending several days in a New York jail following his arrest on sexual assault charges.

A New York judge ordered Dominique Strauss-Kahn released after he posted $1 million bail and a $5 million insurance bond. He will live under the watch of armed guards and will be monitored electronically.

Strauss-Kahn was forced to find a new temporary home after the luxury apartment where he had arranged to stay fell through, reportedly because neighbors were concerned about the media frenzy surrounding him.

Strauss-Kahn is accused of sexually assaulting a New York hotel maid last week and could face up to 25 years in prison if convicted. He has denied the charges against him.

Earlier this week, he resigned from the top job at the IMF.

On Friday, the IMF said it has initiated the selection process for his replacement. A spokesman says the IMF executive board hopes select a candidate by June 30.

Strauss-Kahn faces another court hearing, an arraignment, on June 6, when a judge will describe the charges against the defendant and make sure he understands his legal rights.

Strauss-Kahn is a former French finance minister, and had been expected to soon declare his candidacy for the French presidency.

Some information for this report was provided by AP, AFP and Reuters.