IMF Strategy Chief to Head European Unit After Borges Quits

The head of the International Monetary Fund’s European department was replaced by a veteran staffer after quitting less than a year into the job as the European debt crisis worsens.

Reza Moghadam, who joined the fund in 1992 and was chief of the strategy department, will start today in his new position, where he will oversee bailouts in the euro region. Antonio Borges, a Portuguese citizen, resigned for “personal reasons,” the Washington-based IMF said yesterday in an e-mailed statement.