- Amidst deepening European economic crisis, the head of the International Monetary Fund (IMF) in Europe has resigned citing personal reasons.
- Mr. 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.
- Mr. Moghadam is being succeeded by Siddharth Tiwari, who is currently the IMF Secretary.
