Head Of Greek Debt Office Replaced By Former Goldman Investment Banker

Tyler Durden's picture

And so the tragicomic becomes surreal. Yesterday's news about the departure of the head of the debt management agency, Spyros Papanicolaou, was somewhat of a yawner, until we realized that his replacement would be none other than Petros Christodoulou, who until today was head of Private Banking and Group Treasury at the National Bank of Greece (reporting directly to the CEO of the NBG Tamvakakis), as can be seen on the org chart below. Yet was is oddest, is that Mr. Christodoulou worked not only as head of derivatives at JP Morgan but also held comparable posts at Credit Suisse, and... wait for it, Goldman Sachs... Uh, say what?

Petros' profile from Forbes:

Petros Christodoulou, born 1960, is the General Manager of Treasury,
Global Markets and Private Banking. Before joining the Bank in 1998, he
worked in various positions in Global Markets for Credit Suisse First
Boston and for Goldman Sachs. Additionally, at JPMorgan he led the
derivatives desk, followed by the short-term interest-rate trading and
emerging markets division in London as Managing Director. He is a
member of the Investment Committee of EH and the Foundation for
Economic and Industrial Research. He holds a BSc from the Athens School
of Commerce and Economics and an MBA in International Financial Markets
from Columbia University.

But, but, we thought it was all Goldman Sachs' fault for annihilating Greece? Wasn't it all Goldman's fault for fully (not) disclosing the terms of its nearly decade worth of swaps, which apparently were obvious to Risk magazine but oh so incomprehensible to Eurostat. Although it may all be good - it appears that Greece has found a new enemy. Reuters now reports that Greek opposition lawmakers said on Thursday that Germans should pay reparations for their World War Two occupation of Greece before criticising the country over its yawning fiscal deficits.

The fact that Greece's survival is now reliant on Germany's goodwill, seems to be lost on everyone.

We can not wait for the next installment in this ever more fascinating soap opera.

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Cognitive Dissonance's picture

After the peasant revolts ended in the late 1600's, the powers that be knew they needed to switch to a more covert form of control, which was implemented under the cover of freedom and liberty. Over the next two hundred years, the rest of the "developed" world slowly adopted the much more effective method of allowing the passengers to believe they were running the boat, thought the captain never relinquished control of the ship of state.

This period of covert control is rapidly coming to an end, thou the first experiments in fascism (more accurately corporatism) and modern central control were experimented with in the late 1930's in Europe. Now the wheel is coming around full circle and it's becoming obvious that covert control has run it's course and overt in-your-face control is the new fashion statement of the powers that be.

Welcome to the change Obama promised. He's simply the puppet in charge of change in America.

DaveyJones's picture

It is turning isn't it. As it gets worse, they are getting bolder. No more pretending

assembler's picture

Practically a biblical fight club:

For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.

Cistercian's picture

 Yes.The operation of evil is very clear here.

B9K9's picture

I've caught some flack by stating that the Bible is the most importance reference document we possess. For some reason, a few people apparently mistook my obvious atheistic principles for ecclesiastical belief. Wrong; however, if one is interested in any historical precedent of how this situation plays out, simply open a page in the Bible and start reading.

Seven years of feast & famine? Check. Powers-that-be pre-emptively attempting to wipe out the opposition? Check. Lectures on the evils of money-lending? Check. The one constant throughout history is that on a fairly regular cycle, the PTB get whacked.

Cognitive Dissonance's picture

I also regularly pick up the Bible for reference. It's a wonderful historical document that has been thoroughly documented itself. Meaning all the changes that have been made have been made in plain sight. Once you get past the religious aspects, it's amazing how accurate it can be at times, particularly when you cross reference.

However, one of the things most people take for granted is that each version (the King James version is widely used today in America) has been faithfully (sorry, pun intended) translated and recorded. It has not. Still, it's a great place to start and finish.

JohnG's picture

Interestingly enough, the many English language versions of the Bible were translated from Aramaic (and other ancient languages) into GREEK.

Things that make me say hmmmm.....

Rusty Shorts's picture

I'm not the religious type, but ran across this speech by Barry Smith, in 1995, very spooky, in the sense of how much of what he said 15 years ago, has happened.

 

http://www.youtube.com/watch?v=D1R_jtK03NQ&feature=related

Anonymous's picture

The Bible is a good book! I have gained many an insight through studying it's passages. One that has 'stood' me well for the past 8 yrs has been..."Save the seven GOOD years, for the seven BAD years"....It Works! (so far...)

Anonymous's picture

"Now the wheel is coming around full circle and it's becoming obvious that covert control has run it's course and overt in-your-face control is the new fashion statement of the powers that be."

You are a wise man and marching towards becoming a Zen Master. I value your comments a lot.

btw. Thanks for your insightful article you posted earlier.
I was thinking to ask you a few questions, but I was caught up in a few things. Now I forget what I want to ask. :)

Whe I see your part II, I will remember to ask.

albion402's picture

always wondered what happened to my favorite Greek ag econ professor?

Going Down's picture

 

First A Greek Tragedy and Now An Italian Comedy

 

“The transaction with Greece ‘was executed prior to the arrival of Draghi at Goldman Sachs,’ added sources from the [Banca d'Italia*], recalling that the governor [Draghi], who has headed the Banca d’Italia since the beginning of 2006, was vice president and managing director of Goldman Sachs in London from 2002 to 2005.

http://baselinescenario.com/

 

The story never ends.

 

albion402's picture

Econometrics.... fun stuff for Greek lefty professors.

Ragnarok's picture

Real life really is more interesting than fantasy.

Anonymous's picture

That's why I don't read fiction.

WaterWings's picture

...and spend 7 hours a day on ZH instead. Sometimes I skip lunch.

rubsgen12's picture

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Stuart's picture

wow, talk about a real Greek tragedy. 

Ragnarok's picture

When all else fails blame the Nazis, as it is now the only group which you are aloud to discriminate against.

Misthos's picture

I'm beginning to see this a lot.  Remember, it is the *opposition* party that is bringing up the Nazi Germany thing. It's pure politics and demagoguery.  Too many people are accusing the entire country as wanting reparations from Germany.

But I will say this - that it is very strong demagoguery - I have heard horror stories about the German occupation from people alive today.  Those things are not easily forgotten - but again, it is the OPPOSITION party that is bringing this up - it's the only "solution" they can come up with and they are playing a xenophobia card.

Ragnarok's picture

Agreed.

 

I was also bringing up a broader point that Nazis were and are still always the bad guy, never terrorists, Stalin, Che, Castro or Mao as they garner sympathy from the liberal media.

Ragnarok's picture

Not defending Nazis in anyway, shape or form.  Just making that clear.

Kitler's picture

Even us Kazis hate the Nazis.

MsCreant's picture

I am subordinated to my cat, Kitler. Your avatar and screen name make me smile everytime I see it. Very creative.

Ragnarok's picture

Do Kazis have a final solution for the Kews? How does one distinguish a Kew from a Karian?

Ragnarok's picture

I know, the Kazis run the SPCA and send their storm troopers out to round up the undesirables.

Anonymous's picture

The reasons nazis are hated so much is because they nerfed their bankers. Which ethnicity is disproportionally repesented in angloamerican banking? Which ethnicity is dispropornally repesented among owners of angloamerican media?

The nazi currency was value based and not debt based. It was issued without bankers getting their cut and thats a very bad thing to do if you ask some people. They also refused to use the London moneychangers to get their foreign currency and instead did simple bartering with other nations. Thats very very very evil taking the bread out of their mouths just like that.

In some ways they got things right (value based currency, economy centered on productivity) in others they got things wrong (they believed in central planning, cooperative rather than competitive market etc). However we have the benefit of 80 years hindsight as well as a much better information exchange system so we cant blame them for flunking some things. They did get their nation away from banker control. WRT to their cruelties, they have been surpassed by many nations, including America. Few of you americans know that you starved more than a million iraqis to death in the 90's. When told you say "it was for their freedumbs!" I think it more was for the lolz - and because you really do not care what your soldiers and your leadership do abroad in your name and with your support.

Do you understand why ethically unstunted people all over the world despise America and americans? Every american trooper killed in the war on terra and every american dollar spent on blowing up pashtun peasants is one soldier/dollar less that can be spent against my nation later if we should choose to break with your system - which we have to if we want to survive as a people and as a nation.

Art Vandelay's picture

Here's what I don't get about people like you: why not just come right out and say "FUCK THE JEWS"? I mean, you're posting anonymously, and it's clearly how you feel, so why not just go for it? Why try to be clever and skirt the issue? What's the downside - social opprobrium from other anonymous posters on the Internet? Do you really care? You goddamned pussy!

Traianus Augustus's picture

Who cares about this stuff...the really cool stuff is about Tiger, and it's on all the business channels.  Yea! 

Long live the VS...NOT!!!!

Going Down's picture

 

"the really cool stuff is about Tiger"

 

Yup...especially if Wall Street pigmen saw it.

 

http://jessescrossroadscafe.blogspot.com/2010/02/how-could-i-be-so-selfi...

 

Ripped Chunk's picture

Tiger should just retire and become an ordained minister. Then his actions will appear common place.

WaterWings's picture

As a corporate mouthpiece a lack of "mea culpa" would have been seen by the zombie public as arrogant. The likes of Blankfein and Geithner get away with it because only those paying attention even know who they are.

Rainman's picture

+ 100 , resoundingly !!

I am a Man I am Forty's picture

Greece playing the Nazi card....hilarious.

bugs_'s picture

Wholly owned subsidiary.  Leave the E.U. and join the G.U.

 

Sabibaby's picture

Don't tou mean the G.S?

Postal's picture

So the fox guards the henhouse?

35Pete's picture

Is that why the pen is full of half eaten chicken carcasses? 

Hint: We're the poultry. 

ReallySparky's picture

I knew the squid was running the world. 

williambanzai7's picture

Traders and hedge fund employees are advised to avoid Greek diners.

hedgeless_horseman's picture

For fun, I tried to pay for lunch at Niko Niko's with some German Euros last week.  The lady said, in a thick Greek accent, we don't accept that money, only US dollars. 

I laughed, then cried, when I realized the joke was on me.

crosey's picture

When the game is up, the logic unravels into threads of unbelievable yarn.   In this case, woolen yarn woven quickly into a covering with which Greece will further attempt to cover our eyes.

Is that hysterical laughter that I hear?

buzzsaw99's picture

If you can't beat 'em, join 'em!

zenon's picture

Guys cool it. 10% of the Greek population died during the nazi occupation either by being killed or by famine - the result of all the food & produce being confiscated to feed the nazi war machine. Post WWII, Greek demands for war reparations were fended off on the legal argument that W. Germany was not the whole Germany. Following Germany's unification, similar reparation demands were kept in the closet on account of European unity and transfer payments towards EU's weaker memebers (ala Greece). Should such payments (and financial assistance when it is needed) not be forthcoming, these demands could well re-surface as a bargaining tool. Said differently, if the EU just enforces tough conditions on Greece with no dinero at the end of the process, maybe the IMF is a better & friendlier solution.

Cow's picture

"maybe the IMF is a better & friendlier solution"

Better for whom?  Why should the US taxpayer bail out the overspending Greek socialist government?

Anonymous's picture

taking money from the IMF is like selling your soul to the devil. they own you now. however, taking money from germany won't be much different. no matter how these chips fall, they will have to get their act together. if the IMF or the Germans can't do it, the market will do it for them. the greek economy is in major trouble.