Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

"Personal computing would not have existed without him"

Read more

THE DEBATE

Saudi Arabia under pressure: Crown Prince defiant over Khashoggi disappearance

Read more

THE OBSERVERS

Biking in Cuba, entrepreneurship in Burundi, and more

Read more

ENCORE!

Music show: NOLA French Connection Brass Band, Yoko Ono & Neneh Cherry

Read more

FOCUS

US Supreme Court decision boosts anti-abortion activists in California

Read more

IN THE PRESS

Beginning of the end for 'Mutti'? State election reflects Merkel's unpopularity

Read more

TALKING EUROPE

Spain's Europe minister rules out new Catalan independence referendum

Read more

TALKING EUROPE

Hungary's Orban: What consequences of symbolic EU vote?

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

  • GLOBAL ECONOMY

    IMF’s Lagarde warns of decade lost to financial crisis

    Read more

  • PORTUGAL

    EU and IMF endorse Portugal’s next aid payment

    Read more

  • ECONOMY

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

    Read more

COMMENT(S)