Antonio Borges, who led the IMF 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 from tomorrow morning. "Antonio Borges has led the European Department during an extremely difficult period for the region's eurozone members. 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," IMF managing director Christine Lagarde said in a statement. "I look forward to Reza Moghadam applying to our work in Europe the same strategic vision, drive, and thoughtfulness that he has demonstrated in his previous position." Moghadam will be replaced, also effective tomorrow morning, by Siddharth Tiwari, currently IMF secretary.
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Thursday, November 17, 2011
Antonio Borges, who led the IMF 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 from tomorrow morning. "Antonio Borges has led the European Department during an extremely difficult period for the region's eurozone members. 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," IMF managing director Christine Lagarde said in a statement. "I look forward to Reza Moghadam applying to our work in Europe the same strategic vision, drive, and thoughtfulness that he has demonstrated in his previous position." Moghadam will be replaced, also effective tomorrow morning, by Siddharth Tiwari, currently IMF secretary.
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4 comments:
Virtually all these guys seem to have worked for Goldman Sachs at some stage in their career. The same firm that has trillions and trillions of dollars of credit default swaps on European debt.
If you were looking for any conflict of interest, I imagine that might be a good starting point.
The gentleman is Portuguese. He used to be some regulator or supervior of Hedge Funds -- Bishop of Filthry Lucre?
Please could some enterprising journalist can investigate for us and report back. There may be a whole kennel buried here. Who knows?
Perhaps he has seen the too cosy relationship LeGarde has with the Frankfurt Group and doesn't like it. Massive conflict of interest.
Greece's new Government faces an extremely difficult situation. The IMF says this afternoon that it won't make the next bail-out payment until it has "broad political support" for austerity measures.
That could mean some kind of signed assurance from the new cabinet that they'll push through painful spending cuts and tax hikes - but two out of three party leaders that make up the coalition have already refused to do exactly that.
Meanwhile, huge protests continue to rumble on in Athens against those same austerity measures that the Government is being asked to promise to the IMF.
"We will throw all of them out," promised a banner held aloft by students, while another carried by anarchists read: "In the face of tyranny, one must choose between chains and arms."
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