IMF Europe chief resigns

WASHINGTON, Nov 17 (AFP): The International Monetary Fund's crucial head of its European Department, which oversees its giant bailouts of Greece, Portugal and Ireland, has resigned, the Fund announced Wednesday. Antonio Borges, who led the unit only 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, a nearly 20-year veteran of the IMF now directing its Strategy, Policy, and Review Department, will replace Borges in the crucial job running the Fund's largest emergency lending programs, effective November 17. "Antonio Borges has led the European Department during an extremely difficult period for the region's eurozone members.