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IMF replaces Europe director as crisis boils

The International Monetary Fund (IMF) replaced its European Director with a powerful, well-connected, insider on Wednesday in a sign the global lender is setting a more forceful course of action in dealing with the European crisis.

business Updated: Nov 17, 2011 22:26 IST

The International Monetary Fund (IMF) replaced its European Director with a powerful, well-connected, insider on Wednesday in a sign the global lender is setting a more forceful course of action in dealing with the European crisis.

The global lender named Reza Moghadam, currently director of the fund's strategy, policy and review department, as its new director for Europe, replacing Portugal's former central bank vice-governor Antonio Borges.

Borges, who was director of the IMF's European Department since November 2010, cited personal reasons in his decision to step down, effective immediately, the fund said.

The change won praise from analysts who saw it as clear move to heighten the IMF's profile in dealing with a sovereign debt crisis.

"He is seen as a very credible and powerful insider," said Eswar Prasad, a former IMF official.