LUXEMBOURG, Oct 18 (Reuters) - The European Union"s foreign policy chief Josep Borrell said on Monday Nicaragua"s Nov. 7 presidential elections are "fake" and organised by a dictatorship. "We will continue to insist on democracy, human rights and the rule of law," Borrell told a news conference in Luxembourg following a meeting of EU foreign ministers. "(We insist on) the release of political prisoners...and the holding of free and fair elections. The one that will take place is a fake election, organised by a dictatorship." EU foreign ministers discussed their opposition to the vote at their meeting. With most of Nicaragua"s opposition jailed or in exile, President Daniel Ortega is poised to tighten his grip on power next month.