European chief of IMF resigns

Amid deepening European economic crisis, the head of the International Monetary Fund in Europe has resigned citing personal reasons, the Washington-headquartered world body said.

"Antonio Borges, director of the International Monetary Fund's European Department, has notified IMF managing director Christine Lagarde of his intention to leave the Fund for personal reasons," the IMF said in a statement on Wednesday.

Borges, who took up his current IMF post in November 2010, will relinquish his responsibilities immediately.

British-Iranian Reza Moghadam, currently director of the strategy, policy, and review department, has been appointed as Borges successor.

Moghadam is being succeeded by Siddharth Tiwari, who is currently the IMF secretary.

The two would take up their new duties on Thursday.

In a statement, Lagarde said 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," she said.

"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," she said.

"Siddharth Tiwari's remarkable record of performance all across the IMF and his leadership qualities make him exceptionally well qualified to head the Strategy, Policy, and Review Department in these difficult times," Lagarde said.

Borges, a Portuguese national, joined IMF in November 2010.

He was then the Chairman of the Hedge Fund Standards Board in London.

Borges, who holds a PhD in Economics from Stanford University, was vice chairman and managing director of Goldman Sachs International in London from 2000-08.

From 1993-2000, he was a professor of Economics and Dean of the Business School at INSEAD, Fontainebleau; and between 1990-93, Deputy Governor of the Banco de Portugal.

He was been a visiting professor of economics at the New University of Lisbon, Stanford University, and Portuguese Catholic University.