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IMF chief steps down

THE head of the IMF's European department, Antonio Borges, has stepped down from his position after just one year at the height of the EU crisis.

Mr Borges, who said his reason for resignation was 'personal', has already been replaced by veteran staffer Reza Moghadam.

The IMF is preparing to send a team to Italy for an audit of the country's efforts to cut its debt.

Mr Borges last month retracted comments he made about the fund's possible involvement in the European bond market.