IMF European director Borges resigns

AP News
Posted: Nov 16, 2011 8:55 PM
IMF European director Borges resigns

The International Monetary Fund said Wednesday that the director of its Europe program has resigned, citing personal reasons.

Antonio Borges' exit comes about a year after he began heading the IMF's European program, as the region struggled to rein in the fallout from its financial crisis.

The IMF has been a key player in the eurozone's debt crisis.

Last month, the Washington D.C.-based organization renewed a call on the continent's leaders to quickly steel banks against worsening market panic. The IMF has said as much as euro200 billion ($266.74 billion) may be needed to boost banks' capital buffers, although some of that money could come from private investors.

The IMF said Borges will relinquish his responsibilities immediately. A Portuguese national, he was chairman of the Hedge Fund Standards Board in London prior to joining the IMF. He succeeded Marek Belka, who left the IMF earlier in 2010.

In a statement, IMF Managing Director Christine Lagarde said Borges' skills and experience have been "of great value in responding to the crisis" in Europe.

Lagarde told the IMF's executive board she will appoint Reza Moghadam to succeed Borges.

Moghadam will start in his new job Friday. He had been director of the IMF's strategy, policy and review department.