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Goldman Sachs Alum Replaces Greek Finance Minister

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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 12:25 AM
Original message
Goldman Sachs Alum Replaces Greek Finance Minister

http://business.timesonline.co.uk/tol/business/economics/article7034384.ece

Greece yesterday replaced the head of its national debt management agency amid demands from the European Union that it tackle the crisis in its public finances.

The Greek Finance Ministry said that Spyros Papanicolaou had been replaced late on Thursday by Petros Christodoulou, the former head of asset management at the National Bank of Greece. No explanation was given for the move.

Mr Christodoulou held various positions in global markets at Credit Suisse, Goldman Sachs and JPMorgan Chase before joining the National Bank of Greece in 1998. He is expected to take up the position immediately.

The announcement came just hours before Greece was due to report to Brussels about how it had used currency swaps and other instruments in 2001 to lower the amount of public debt it reported. Greece said that the deal, made with US investment bank Goldman Sachs, was legal and complied with EU regulations at the time.

...snip...

http://business.timesonline.co.uk/tol/business/economics/article7034384.ece


You can't make this shit up...
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pa28 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 12:35 AM
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1. Amazing.
I guess they determined only a Goldman alum could untangle the arcane mess of their debt condition to the satisfaction of the EU.

Reminds me of that passage from "The Godfather" about business creating business.
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Rapier09 Donating Member (209 posts) Send PM | Profile | Ignore Sat Feb-20-10 12:41 AM
Response to Reply #1
2. Greece is beyond help

Just walk away from it,that is the best advice I can give the EU.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 01:10 AM
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3. I gotta laugh -- fuckin unbelievable. Nt
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Jim Sagle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 03:27 AM
Response to Original message
4. No, you can't make this shit up...only Goldman Sachs gets to do that.
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vssmith Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 05:05 AM
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5. I thought GS helped them get into this mess
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blindpig Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 09:02 AM
Response to Reply #5
8. Geez, that sounds famaliar....

Kinda tells ya who really runs the show.
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muriel_volestrangler Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 06:01 AM
Response to Original message
6. Not the 'Finance Minister'
'Finance Minister' always means the senior position. In the US it's Geithner; in most countries it's an elected politician (as he is in Greece).

This is the "head of its national debt management agency". Be honest - have you heard of the position or the guy who held it before? His name turns up very occasionally in a few news reports. What they've done is replace one civil servant with another.

He's been working in the Bank of Greece for 12 years. When he started there, they were still using the drachma. He also worked in 2 other investment banks before that. Has the question become "are you now, or have you ever been, an employee of Goldman Sachs?"?
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malaise Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Feb-20-10 07:36 AM
Response to Original message
7. Remenber that in Chile they replaced all the FInance
people with Chicago school boys. The Shock Doctrine continues.
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