Don't miss

Replay


LATEST SHOWS

THE WORLD THIS WEEK

Biden in Turkey, Colombia Peace Deal, Ethiopia Olympic Protest (part 2)

Read more

THE WORLD THIS WEEK

Earthquake in Italy, French Burkini Ruling (part 1)

Read more

FRANCE IN FOCUS

The hidden secrets of Les Invalides

Read more

FOCUS

Pro-Opposition stronghold Port-Gentil feverishly awaits presidential elections

Read more

ENCORE!

Alexis Michalik: treading the boards in the footsteps of 'Edmond'

Read more

REPORTERS

Getting away with murder in DR Congo

Read more

IN THE PAPERS

'Why does Italy refuse to see the seismic risk?'

Read more

IN THE PAPERS

"The burkini trap"

Read more

MEDIAWATCH

Should men also be 'liberated from oppressive beachwear'?

Read more

Europe

Chief of IMF's key Europe department stands down

Text by News Wires

Latest update : 2011-11-16

The head of the International Monetary Fund’s European unit, Antonio Borges (pictured), submitted his resignation Wednesday. His department oversees financial assistance to bailed-out eurozone members Greece, Ireland and Portugal.

AFP – The International Monetary Fund's crucial head of its European Department, which oversees its giant bailouts of Greece, Portugal and Ireland, has resigned, the Fund announced Wednesday.

Antonio Borges, who led the unit only since November 2010, submitted his resignation "for personal reasons" and "will relinquish his responsibilities immediately," the IMF said in a statement.

British-Iranian Reza Moghadam, currently IMF director of the Strategy, Policy, and Review Department, will replace Borges in the crucial job overseeing the Fund's largest emergency lending programs, effective November 17.

"Antonio Borges has led the European Department during an extremely difficult period for the region's eurozone members. His vast public and private sector, and academic experience, combined with his ability to build strong relationships with member country authorities, have been of great value in responding to the crisis," IMF managing director Christine Lagarde said in a statement.

"I look forward to Reza Moghadam applying to our work in Europe the same strategic vision, drive, and thoughtfulness that he has demonstrated in his previous position."

Moghadam will be replaced, also effective November 17, by Siddharth Tiwari, currently IMF secretary.

 

Date created : 2011-11-16

  • PORTUGAL

    EU and IMF endorse Portugal’s next aid payment

    Read more

  • GLOBAL ECONOMY

    IMF’s Lagarde warns of decade lost to financial crisis

    Read more

  • ECONOMY

    IMF urges EU to 'get its act together' on debt

    Read more

COMMENT(S)