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IMF's Europe chief steps down

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IMF's Europe chief steps down

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The International Monetary Fund’s Europe director, Antonio Borges has resigned for what he says are personal reasons. However, analysts believe it is a sign the global lender is setting a more forceful course of action in dealing with the European crisis.

Last month, Borges was forced to issue a hasty retraction after suggesting publicly that the global lender could buy Spanish or Italian bonds alongside the euro zone’s bailout fund. He amended his remarks to say the IMF could only lend its funds to countries and could not intervene in bond markets directly.

Borges has been replaced by Reza Moghadam, currently director of the fund’s strategy, policy and review department.