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IMF chief for Europe resigned “for personal reasons”

The director of the European Department in IMF, Antonio Borges, resigned in a difficult period for the region when EU leaders are struggling with debt crisis in the euro area.

Ronaldo Borges, who held a managerial position in the IMF only a year, explained his leaving as “personal reasons”. Borges previously held the position of Chairman of the Board of Directors of “Goldman Sachs” in London. Last month, Borges was forced to renounce his words, that the IMF can redeem the debts of Spain and Italy to help countries get out of the crisis.

“Antonio Borges led the unit of the IMF in an extremely complex for the eurozone members period,” commented the leaving of Borges, the head of IMF Christine Lagarde. She added that Borges has helped “tremendously the suffering from the crisis euro zone.”

In his place comes the current director of strategies, policies and assessments in the IMF Reza Moghadam.

“This means that the IMF intends to play a more important role in Europe”commented the change in the leadership of the European Department the fundthe former representative in IMF Esvar Prasad, who is now in Bruking Institute in the USA. “Reza Mogadam is the person who may hold a more aggressive policy”, he said.

IMF plays a key role in resolving the crisis in the eurozone together with the European Commission and European Central Bank. The volume of financial assistance provided to countries in the EU depends on these three organizations.


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