IMF’s European director Antonio Borges quits

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Antonio Borges, head of the European department at the International Monetary Fund (IMF), unexpectedly resigned on Wednesday.

Borges, who was previously deputy governor at the Bank of Portugal, has stepped down from the post with immediate effect, after just one year in the role. He told IMF managing director, Christine Lagarde, his intention to leave the Fund was for personal reasons.

He will be replaced by Reza Moghadam, currently director of the strategy, policy and review department, while

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