The head of the International Monetary Fund’s Europe department has resigned a year after taking on the role.
Economist Antonio Borges, who led the unit 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, director of the IMF’s Strategy, Policy, and Review Department, will replace Mr Borges from 17 November.
The European department runs the fund’s largest emergency lending programs and oversees its giant bailouts of Greece, Portugal and Ireland. Mr Borges made an embarrassing blunder in October, when he made a statement to the press that impacted on markets, issuing a correction hours later.