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The IMF hopes to find a quick replacement |
The head
for Europe at International Monetary Fund (IMF) has resigned at a crucial time
in the efforts to tackle the continent's debt crisis.
Antonio
Borges said that personal resasons were behind his decision to stand down
immediately.
He had been
director of the IMF's European Department for one year.
IMF chief
Christine Lagarde will seek to appoint Reza Moghadam, director of the fund's
strategy policy and review department, as Borges' successor.
The Fund is
part of the "troika" of international organisations supervising the
bailouts of Greece, Portugal and the Irish Republic, the others being the
European Commission and the European Central Bank.
The IMF has
also recently been given a role in monitoring economic reforms by the Italian
government.
'Experience'
Portuguese
Mr Borges is a former vice-chairman at Goldman Sachs in London.
Before
joining the IMF he was also chairman of the Hedge Funds Standards Board.
"Antonio
Borges has led the European Department during an extremely difficult period for
the region's eurozone members," Christine Lagarde said in a statement.
"His
vast public and private sector, and academic experience, combined with his
ability to build strong relationships with member country authorities, have
been of great value in responding to the crisis."
Related Articles:
Regime Change in Europe: Do Greece and Italy Amount to a Bankers' Coup?
"... Though
Monti, a former advisor to Goldman Sachs, is heavily championed by the
country's respected president, many in parliament have spent the week whispering
that Berlusconi's ouster amounts to a "banker's coup."
"Yesterday, in the chamber of deputies we were bitterly joking that we
were going to get a Goldman Sachs government," says a parliamentarian from
Berlusconi's government, who asked to remain anonymous citing political
sensitivity. .... "
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