IMF Europe chief steps down for personal reasons, Borges is ex vice chairman of Goldman Sachs London-BBC

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IMF Chief Lagarde already has his successor picked out.

11/17/11, "International Monetary Fund Europe director resigns," BBC

"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 reasons were behind his decision to stand down immediately.

He had been director of the IMF's European Department for one year.

Earlier in the year, Mr Borges was forced to retract comments in which he suggested the Fund might help Italy and Spain by buying up their debts.

"His response to the eurozone crisis was controversial - and, to some, destabilising," says BBC Washington correspondent, Steve Kingstone, who adds that the resignation did not come as a surprise.

"Mr Borges was swiftly forced to retract his idea by IMF headquarters."...

IMF chief Christine Lagarde will seek to appoint Reza Moghadam, director of the fund's strategy policy and review department, as Borges' successor.

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."...

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