Home > News > IMF Strategy Chief to Head European Unit After Borges Quits
IMF Strategy Chief to Head European Unit After Borges Quits
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by Sandrine Rastello
November 17th, 2011
The head of the International Monetary Fund's European department was replaced by a veteran staffer after quitting less than a year into the job as the European debt crisis worsens.
Reza Moghadam, who joined the fund in 1992 and was chief of the strategy department, will start today in his new position, where he will oversee bailouts in the euro region. Antonio Borges, a Portuguese native, resigned for "personal reasons," the Washington-based IMF said yesterday in an e-mailed statement.
The head of the International Monetary Fund's European department was replaced by a veteran staffer after quitting less than a year into the job as the European debt crisis worsens.
Reza Moghadam, who joined the fund in 1992 and was chief of the strategy department, will start today in his new position, where he will oversee bailouts in the euro region. Antonio Borges, a Portuguese native, resigned for "personal reasons," the Washington-based IMF said yesterday in an e-mailed statement.
The IMF, which is co-financing bailouts in Greece, Portugal and Ireland, is preparing to send a team to Italy for an unprecedented audit of the country's efforts to cut its debt. Borges, a former vice chairman at Goldman Sachs International, last month retracted comments he made about the fund's possible involvement in the European bond market.
