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Former Greek PM G-Pap's 89 Year Old Mother Said To Have $700 Million In Swiss Bank Account

Tyler Durden's picture


There was a time when Swiss bank secrecy was the passion of every tax-challenged oligarch in the world. Then things changed, Obama made it s badge of honor to rat out anyone you know who has a bank account in Zurich or Geneva, lists of previously ultra-secret account holders started "leaking" and from an asset, Swiss bank accounts promptly became a liability to everyone involved. Such as the matriarch of the legendary Papandreou family, former Pasok Greek PM G-Pap's mother, Margaret, also wife of former PM Andreas, who according to The Telegraph has been revealed as having a €550 million ($700 million) Swiss bank account (she will hardly be happy to learn that Credit Suisse just instituted a negative interest on CHF deposits) in the Geneva branch of HSBC. Obviously lots of hard work by M-Pap went into building up that particular nest egg.

M-Pap has quite an soap opera past of her own:

Margaret Papandreou is the second wife of the late Greek Prime Minister Andreas Papandreou.


Margaret Papandreou was born Margaret Chant, in the US, in 1923 and grew up in Elmhurst Illinois. She met the future Prime Minister in 1948 at the University of Minnesota where he was a professor and she was a 25-year old journalism student. A relationship developed between the two despite the fact that Papandreou was still married to his first wife. Eventually, Margaret also married someone else. That marriage ended in divorce as did Papandreou's first marriage and the two of them were married to each other in 1951. The marriage produced four children.


In 1963, Margaret Papandreou followed Andreas to Greece. Her husband became involved in politics as an MP in the Centre Union, a political party founded by George Papandreou, his father. Margaret Papandreou was accused early in her husband's political career of being Bulgarian, a race not very popular with the average Greek.


In 1967 a military Junta overthrew the democratic government of Greece and established a dictatorship. Andreas and Margaret Papandreou were exiled first to Sweden, then to Canada where they stayed until the restoration of democracy in 1974. At that time, Andreas Papandreou returned to Greece to form his own political party - PASOK - breaking with his late father's former political allies. In 1981, he was elected Prime Minister and Margaret became the first lady of Greece. In that capacity she sought to reform much of the social and political life of the average Greek woman which brought her praise from some quarters and stinging criticism from others.


Margaret Papandreou's days as the first lady of Greece came to an abrupt halt when her husband met Olympic Airlines stewardess, Dimitra Liani in 1989. The aged PM divorced Margaret to make the young stewardess his third wife.

Sarcasm aside, it is apparent first it was years of looting governing by husband Andreas, followed by years of looting governing by son George, that is among the chief reasons why Greece is now in an economic and monetary singularity, with the unemployment rate rising by 1% per month. But at least once the time to follow through on that self-imposed exile by G-Pap and family, he will not be at a loss how to fund his remaining days. What will also not be lost is the irony that after taking power in 2009, his government announced that the country's financial situation was far more dire than originally thought, largely due to tax evasion by Greek citizens. Such as himself it appears. What is the message here is what we have been saying for years: it is not austerity that is the primary cause of misery for the Greeks, although Greek politicians sure enjoy laying the blame for everything on belt-tightening. It is the outright theft and plunder by those who are supposed to be in charge of fixing Greece that is the reason why now Greece, and soon everyone else, has become such an economic basket case.

From the Telegraph:

 Margaret Papandreou, whose son George served as the country's prime minister during the height of the Eurozone crisis, is said to be on the "Lagarde list" of Greek citizens with fortunes hidden in Switzerland.


The list of alleged tax evaders, named after Christine Lagarde, the head International Monetary Fund (IMF), has caused deep resentment as Greece struggles with austerity.


Mrs Papandreou, whose late husband was also a prime minister, denied the allegations reported in two Greek newspapers yesterday.


"Why such lies? Why such attacks? Perhaps because my family never served this country’s interest groups," she said in a statement.

No: they merely served their own selfish interests, at the expense of the general Greek population.

Mr Papandreou, who stood down as prime minister in 2011 but remains a member of parliament, said the stories were "rumours without facts" and were part of a backlash against his anti-corruption battles while in office.


After taking power in 2009, his government announced that the country's financial situation was far more dire than originally thought, largely due to tax evasion by Greek citizens.


Mrs Papandreou's name reportedly surfaced in a report made by police to members of parliament last month.


The "Lagarde list" was provided to Greece by the French government while Mrs Lagarde was still finance minister in Nicolas Sarkozy's government.

Not even the Onion could make up the utterly bizarre tragicomedy that the sinking European continent has become. Sadly, this is merely a blueprint for what is coming everywhere else to the 'developed' (and developing) world.

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Tue, 12/04/2012 - 11:34 | 3032463 PrinceDraxx
PrinceDraxx's picture

Bullshit, look at her, she earned every penny of it, the old fashioned way...oldest profession in the world.

Mon, 12/03/2012 - 10:23 | 3029436 Stuck on Zero
Stuck on Zero's picture

Obama and the rest of the sociopaths in Washington feel justified in going after people stashing their money in Switzerland.  They keep their billions in the Vatican bank!


Mon, 12/03/2012 - 10:25 | 3029441 Dr. Engali
Dr. Engali's picture

I don't know what is wrong with this world. It's getting so bad that a lifetime public servant can't live out her twilight years with the cash she carefully dollar cost averaged into a portfolio of mutual funds and allowed the earnings to compound over the years without getting a hard time. 

Mon, 12/03/2012 - 10:48 | 3029503 youngman
youngman's picture

It would be very interesting to see the history of the deposits to this account.....they probably time with some big new law or deals in Greece as payoffs...I am sure its not a weekly Christmas club deposit....lol

Mon, 12/03/2012 - 10:26 | 3029444 Wakanda
Wakanda's picture

Loukanikos is hungry, maybe she could help?

Mon, 12/03/2012 - 10:26 | 3029446 forwardho
forwardho's picture

Hey tyler, just got a major hat tip from Beck on last nights "reallity has consequences" post. Not surprising, reading the rather over the top comments that where coming in.

Mon, 12/03/2012 - 10:31 | 3029450 overmedicatedun...
overmedicatedundersexed's picture

from england we have:

  9:32PM GMT 02 Dec

Credit reference agencies will cross-check details of the income people declare on their tax returns against their spending patterns to identify “high” and “medium” risks of both illegal and legal tax avoidance.

People identified to HM Revenue and Customs will then be subject to more detailed investigations. About two million people are expected to be scrutinised under the programme, which may lead to privacy concerns.

HMRC will today unveil the “successful” results of a pilot programme involving about 20,000 people which will now be extended nationally.

Many of those who are expected to be identified are likely to be self-employed workers who have under-declared their income to the authorities.

However, those who have benefited from secret windfalls – such as an inheritance or a bonus – and people with secret offshore accounts could also be highlighted."

I doubt one pol gets on this list.


Tue, 12/04/2012 - 04:29 | 3031802 AE911Truth
AE911Truth's picture

In ref to: "I doubt one pol gets on this list."

The pols will be on the secret list. This info will be used to blackmail them into doing the bidding of their "owners", or else they will be destroyed.  This is how and why the system is completely corrupt.

Mon, 12/03/2012 - 10:26 | 3029447 ItsDanger
ItsDanger's picture

Ok, she took the money.  Given that its in a bank acct, the transactions are on record.  Meaning, the authorities could seize the funds if the source wasnt justified.  If Greek unemployment is so bad, here's a job for someone.  There, i created at least 1 job for their economy.

Tue, 12/04/2012 - 11:31 | 3032458 PrinceDraxx
PrinceDraxx's picture

Its, that is their problem to start with and you want to ad to it? Too many working for the government and you are trying to add another.Do it Obama style, just take 99% of it. She will still have plenty  of money and that will leave a big juicy pie for the politicians to carve up so they can help themselves...wait....I think they are supposed to help their constituents...umm oh forget the constituents lets carve the pie, I need a retirement fund. Don't be hatin'...what would poor people do with money anyway? Just waste it on frivilous items, like food and utilities. Peasants.

Mon, 12/03/2012 - 10:29 | 3029456 LoneStarHog
LoneStarHog's picture

Does Mom know that her son's name (G-Pap) sounds like a gynecological procedure? She should have just named him Sue.

Mon, 12/03/2012 - 10:34 | 3029470 Sudden Debt
Sudden Debt's picture




Mon, 12/03/2012 - 10:49 | 3029477 Samsonov
Samsonov's picture

Andreas G. Papandreou (1919–1996) was a Harvard-trained academic, a Greek economist and socialist politician.  Ivy league--check.  Economist--check.  Academic--check.  Socialist--check.  What's the problem?  He deserved every penny.

Mon, 12/03/2012 - 10:41 | 3029487 yellowsub
yellowsub's picture

Now you know why Greece is broke, that's one hell of a pension.

Mon, 12/03/2012 - 10:45 | 3029498 IamtheREALmario
IamtheREALmario's picture

A. It is all funny money and ultimately the quantity you have is meaningless.

B. Oooooooo ... doesn't she look like the "evil one", all possessed and all ... wonder if she is still fond of that deal she made?!?

Mon, 12/03/2012 - 10:48 | 3029505 buzzsaw99
buzzsaw99's picture


Mon, 12/03/2012 - 10:53 | 3029524 SmoothCoolSmoke
SmoothCoolSmoke's picture

And people wonder how a guy like Karl Marx got rolling.............

Mon, 12/03/2012 - 11:01 | 3029544 Miss Expectations
Miss Expectations's picture

Tip: Dimitra Liani has more than $700 million.

Mon, 12/03/2012 - 14:00 | 3030132 falak pema
falak pema's picture

and the iceberg?

Mon, 12/03/2012 - 11:01 | 3029547 drbill
drbill's picture

It's good to be the king (or king's mom)!

Mon, 12/03/2012 - 11:07 | 3029565 redd_green
redd_green's picture

Re "Obama made it s badge of honor to rat out anyone you know who has a bank account in Zurich or Geneva," what crap.   The  US government started looking for nickels in the street a decade before Obama.   I am NO fan of the Obama admin, but get your facts straight:   those in power, the people that run our government. will do anything to stay in power.  They will turn every human in the USA upside down and shake whatever they can out of our pockets.   Blaming it on the democrats makes it sound like you think you know something that you really don't.   And if you think the president runs the country, then maybe you should start writing for Human Events instead of ZeroHedge.

Mon, 12/03/2012 - 11:07 | 3029566 Vendetta
Vendetta's picture

I'm so sad that swiss banking secrecy has been compromised as if it has made  a difference in the money laundrying schemes ....

Mon, 12/03/2012 - 11:13 | 3029581 constantine
constantine's picture

For the record, Papendreou was reelected and more popular after the affair with the airline stewardess.  I've never understood why voters are so quick to pass off infidelity and downright juvenile behavior (Berlesconi) as irrelevant and separate from their political and professional lives.  Guess what... if somebody is a slimeball in their personal lives, it's a good chance that they're a slimeball in the manner in which they govern.  People generally don't just have an on/off switch where they choose to act like a jackass in one forum but then decide to be honorable in another.  You're either a jackass or not... and this concludes my phd-level psychology dissertaion.

Mon, 12/03/2012 - 11:15 | 3029583 Aurora Ex Machina
Aurora Ex Machina's picture

Partial Scans of HSBC Greek list (You'll note that even Home Depot is wanted).


The interesting part:

Entry 1804: Goldman Company SA.


So... that's got to be a different Goldman, right?


Mon, 12/03/2012 - 11:16 | 3029588 williambanzai7
williambanzai7's picture

Guess how many Congressmen become millionaires after they obtain elected office.

Mon, 12/03/2012 - 12:53 | 3029937 WillyGroper
WillyGroper's picture

I'm just guessin'. Would that be 535?

Tue, 12/04/2012 - 12:39 | 3032665 e-recep
e-recep's picture

democracy and capitalism work wonders..

Mon, 12/03/2012 - 11:26 | 3029626 MountainMan
MountainMan's picture

How can two generations on state salary amass such wealth? The Greeks should hang these bastards!

Mon, 12/03/2012 - 12:39 | 3029888 SmittyinLA
SmittyinLA's picture

Ask Nancy Pelosi or Difi.

Mon, 12/03/2012 - 11:59 | 3029720 robertocarlos
robertocarlos's picture

Looks like she earned it the hard way.

Mon, 12/03/2012 - 12:18 | 3029797 wally_12
wally_12's picture

Will she buy any foreclosed property in the U.S. and become a U.S. citizen?

Mon, 12/03/2012 - 12:37 | 3029880 SmittyinLA
SmittyinLA's picture

Did she officially renounce her US citizenship and get the form?

Because if she didn't she's still subject to US income and estate taxes.


Mon, 12/03/2012 - 12:58 | 3029952 andyupnorth
andyupnorth's picture

"It is not austerity that is the primary cause of misery for the Greeks, although Greek politicians sure enjoy laying the blame for everything on belt-tightening. It is the outright theft and plunder by those who are supposed to be in charge of fixing Greece that is the reason why now Greece, and soon everyone else, has become such an economic basket case."


"Andreas G. Papandreou (1919–1996) was a Harvard-trained academic, a Greek economist and socialist politician.  Ivy league--check.  Economist--check.  Academic--check.  Socialist--check."

 I love Zero Hedge!

Mon, 12/03/2012 - 13:27 | 3030035 ItsDanger
ItsDanger's picture

Still remember my uncle's story of A-Pap crapping his drawers in a big meeting back in the day.

Mon, 12/03/2012 - 14:18 | 3030198 Nussi34
Nussi34's picture

Most likely GPAP Sr. sold lots of donkeys before buying his Mercedes with government money

Mon, 12/03/2012 - 14:36 | 3030248 Joebloinvestor
Joebloinvestor's picture

Costas Vaxevanis deserves a Noble prize.

Tue, 12/04/2012 - 06:45 | 3031851 Martel
Martel's picture

Before seeing her picture, I did not know what a shit-eating grin is,

Tue, 12/04/2012 - 20:17 | 3033980 fiddy pence haf...
fiddy pence haff pound's picture

great. rumour mill. you can't make the Swiss talk.


and G-Pap gets to smile that liar's smile and nobody

can jail him.

Most of that money could have come from the

poison pill derivative that G-Pap extricated from

Hellenic Post Bank and made disappear.

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