THE CHIEF of the International Monetary Fund’s (IMF) European division unexpectedly stepped down yesterday just a year into the job.
Antonio Borges, who was appointed by former IMF chief Dominique Strauss-Kahn, quit for “personal reasons” and his role will be taken over immediately by Reza Moghadam.
IMF chief Christine Lagarde said: “Antonio Borges has led the European department during an extremely difficult period for the region’s Eurozone members.”
Borges, who also formerly worked for Goldman Sachs, made a serious mis-step in October when he declared that the IMF might be able to intervene directly in bond markets to buy the debt of peripheral Eurozone countries. He was soon after forced to retract the comment.