Meet The New Greek Finance Minister

Tyler Durden's picture


Since the last Greek FinMin came and went before anyone could even learn how many syllables are in his last name, here is an advance peek at the man who is tasked with the world's worst transitory job imaginable: that of being the new Greek finance minister. His complete profile below is courtesy of Athens News. Feel free not to learn it by heart: something tells us when he too sees the inside of the Greek finance ministry he too may developed a mysterious illness and be promptly "replaced."

As a reminder, behold the interior of the Greek finance ministry:

In the meantime, enter Yannis Stournaras... however briefly.
Economist Yannis Stournaras, 55, will be the country's next finance minister.
Stournaras, who has been named as the country's new finance minister, was born in Athens on 10 December 1956.
He received his first degree in economics from the University of Athens in 1978, after which he attended Oxford University for postgraduate studies in economic theory and policy (MPhil 1980, DPhil 1982).
After receiving his doctorate, he was a research fellow and lecturer at St Catherine’s College, Oxford University, until 1986.
Following his return to Greece, he worked as a special advisor to the ministry of economy and finance (1986-1989) and to the Bank of Greece (1989-1994).
During that period he represented the Bank of Greece as an alternate member at the meetings of European Union central bank governors.
He was appointed professor of economics at the University of Athens in 1989, a position he still holds.
Among his departmental colleagues were former prime minister Lucas Papademos and the man who turned down the finance position on Monday, Vasilis Rapanos.
From 1994 to July 2000 he was chairman of the council of economic advisors at the ministry of economy and finance. He participated in the design of macroeconomic and structural policies (especially in the design and implementation of the EU convergence programmes) and represented the ministry at the EU's monetary committee, now the economic and financial committee.
In this capacity, he participated in the negotiations for Greece's to the economic and monetary union (EMU), as a close advisor to prime minister Costas Simitis.
From 1994 to 1997, he was vice-chairman of the Public Gas Corporation (Depa) and a member of the board of the Public Debt Management Agency (from 1998 to July 2000).
From July 2000 to March 2004, he was chairman and CEO of Emporiki Bank and vice-chairman of Hellenic Banking Association. During this period, Emporiki Bank underwent a thorough restructuring, aimed at enhancing its position in retail banking while it finalised a strategic alliance with Credit Agricole.
From 2005 to 2008 he was managing director of Kappa Securities.
Stournaras then became general director at the Foundation for Industrial and Economic Research (IOBE), the country’s major private-sector think tank, where he serves to this date.
In October, he added his name to a short-lived political movement called Social Bond, which aimed to “promote information, dialogue and mainly action so that civil society will be activated and undertake positive political initiatives”.
This will not be his first time to sit at cabinet – he was minister for development, competitiveness and shipping from May 17 to June 21 in Panagiotis Pikrammenos' caretaker administration. (Athens News)
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Tue, 06/26/2012 - 07:52 | 2560875 BBullionaire
BBullionaire's picture

So what is he, Ex Goldmann or Ex Morgan Stanley "advisor"?

Tue, 06/26/2012 - 07:54 | 2560884 GetZeeGold
GetZeeGold's picture



Naw....he's just some guy off the street. They handed him a ticket and told him he just won the lottery.


Tue, 06/26/2012 - 07:56 | 2560891 CPL
CPL's picture

"Ever balanced a checkbook?"


"Yer in.  Here's a robe and silly hat"

Tue, 06/26/2012 - 07:58 | 2560900 GetZeeGold
GetZeeGold's picture



A robe and a silly hat......not bad!


Tue, 06/26/2012 - 08:00 | 2560910 bdc63
bdc63's picture

nope, no money for robes and silly hats.

but as it turns out, we have an abundant supply of superman towels ...

Tue, 06/26/2012 - 08:09 | 2560957 CPL
CPL's picture

Here's a blue tarp and a shoebox for a hat? 

Pick anything from the Finance pile in the main lobby.

Tue, 06/26/2012 - 08:47 | 2561108 metastar
metastar's picture

All those credentials will never prepare him as a under boss. He was only a foot soldier.

Tue, 06/26/2012 - 11:35 | 2561744 Doña K
Doña K's picture

My Greek god hubby tells me that his last name slang translation is: <<Illiterate>> 

Tue, 06/26/2012 - 08:24 | 2561025 Kiwi Pete
Kiwi Pete's picture

Over-qualified, surely. The last person they want is someone who can balance a checkbook.

Tue, 06/26/2012 - 09:54 | 2561323 walküre
walküre's picture

The last person they'd want is an honest bloke who would ask questions and point out irregularities.

With the highest level of degree comes the highest skill set to be a creative accountant. That's what counts.

Tue, 06/26/2012 - 08:36 | 2561075 Peter Pan
Peter Pan's picture

No one anywhere on this planet is sufficiently qualified to deal with the level of debt Greece has. Then again is there anyone that can deal with the level of US debt or Japanese debt?

Only the free market can deal with these impossible levels of debt if it was given a free hand and half a chance.

Tue, 06/26/2012 - 09:00 | 2561154 Grimbert
Grimbert's picture

I think the ability to balance a chequebook would put him out of the running.

Tue, 06/26/2012 - 08:04 | 2560923 battle axe
battle axe's picture

More likely they kidnapped the guy, and told him either take the job or else his family is dead meat. Sucker.....

Tue, 06/26/2012 - 07:55 | 2560888 CPL
CPL's picture

I think they hired anyone with Janitorial skills and a penchant for elbow grease.  Doesn't look like the power is available in the GoG right now.

Tue, 06/26/2012 - 08:08 | 2560945 old naughty
old naughty's picture

Let's see if he can beat his own record of 36 days in his last cabinet post.

Tue, 06/26/2012 - 10:07 | 2561363 krispkritter
krispkritter's picture

Meet the New Finance Minister, same as the Old Finance Minister...

Tue, 06/26/2012 - 07:59 | 2560907 slaughterer
slaughterer's picture

I am sure some of those envelopes in the Greek Finance Ministry still have cash in them.   

Tue, 06/26/2012 - 08:12 | 2560965 CPL
CPL's picture

Yeah, but it's all Euro's.  Even europeans don't want them.


Like finding a box full of Nortel stock.  The quality of paper is impressive, the artistry of the signature but the entire thing is worth more as fish wrap than an equity.

Tue, 06/26/2012 - 08:40 | 2561088 Peter Pan
Peter Pan's picture

You have been watching too much of Storage Wars. The place in reality was ransacked by someone looking to find a single euo.

Tue, 06/26/2012 - 08:31 | 2561059 Fips_OnTheSpot
Fips_OnTheSpot's picture

 Y.Stournaras (Bilderberger 2010) who was part of a team that negotiated Greece's entry to the EUR (GS swap)   Read more:

Tue, 06/26/2012 - 08:09 | 2560955 slaughterer
slaughterer's picture

I call you on that sir:


Tue, 06/26/2012 - 07:58 | 2560885 bdc63
bdc63's picture

Hey, Yannis, buddy ... let me give alittle free advice ... lose Goldman Sach's phone number.  Greece doesn't need any more "help" from Goldman.


Tue, 06/26/2012 - 07:56 | 2560892 BandGap
BandGap's picture

Radio man on the Titanic.

Tue, 06/26/2012 - 08:17 | 2560986 Zero Govt
Zero Govt's picture

the bedroom cleaning woman for Deck B

..that's about as much control this twerp has over the course of Greek democratic Govt

Tue, 06/26/2012 - 07:58 | 2560899 sangell
sangell's picture

Just great. Another academic with expertise in the theories that no longer apply.

Tue, 06/26/2012 - 08:01 | 2560905 bdc63
bdc63's picture

So, you're saying, "it's different this time"?

Tue, 06/26/2012 - 08:13 | 2560971 CPL
CPL's picture

No Hope for Change!

Tue, 06/26/2012 - 07:59 | 2560906 BandGap
BandGap's picture

If the theories applied in the first place we wouldn't be in this position. It is only after we read the history that we understand what happens. It's the new norm.

Tue, 06/26/2012 - 08:09 | 2560954 Vince Clortho
Vince Clortho's picture

You think Greece's new puppetmasters are going to allow someone who is not part of the fraud?

His job will be to pile new black bags on top of the old ones.

Tue, 06/26/2012 - 07:59 | 2560902 Sudden Debt
Sudden Debt's picture




Tue, 06/26/2012 - 08:00 | 2560909 BandGap
BandGap's picture

That's racist

Tue, 06/26/2012 - 08:03 | 2560921 Sudden Debt
Sudden Debt's picture

You can't dance?

Tue, 06/26/2012 - 08:07 | 2560938 BandGap
BandGap's picture

I'm a good least I've been told.

Never danced at a funeral though.

Tue, 06/26/2012 - 08:03 | 2560922 BandGap
BandGap's picture

I forgot, troglidites don't understand SARCASM

Tue, 06/26/2012 - 08:02 | 2560913 Sudden Debt
Tue, 06/26/2012 - 08:30 | 2561052 Kiwi Pete
Kiwi Pete's picture

That one on the right has nice lips too!

Tue, 06/26/2012 - 08:06 | 2560929 tocointhephrase
tocointhephrase's picture


Tue, 06/26/2012 - 07:59 | 2560903 the not so migh...
the not so mighty maximiza's picture

He is going to save the world.

Tue, 06/26/2012 - 08:01 | 2560912 BandGap
BandGap's picture

How tall does a black swan have to be?

Tue, 06/26/2012 - 08:03 | 2560914 No Euros please...
No Euros please we&#039;re British's picture

Hope he's wearing his Joo Janta 200 Super-Chromatic Peril Sensitive sunglasses when he checks the latest accounts. Wouldn't want him to faint.

Tue, 06/26/2012 - 08:02 | 2560915 news printer
news printer's picture

Looks a lot more healthy then the last one ;)

Tue, 06/26/2012 - 08:09 | 2560951 BandGap
BandGap's picture

It's called "blood flow". the last guy looked like he spent the night in the morgue.

This guy is TAN, and ready for a challenge. Fire up the wireless!

Tue, 06/26/2012 - 08:02 | 2560916 nathan1234
nathan1234's picture

I hope no connection with Gold Sucks or JP Morgue !

Tue, 06/26/2012 - 08:02 | 2560917 caimen garou
caimen garou's picture

hope they supplied his secretary with plenty ammonia inhalants

Tue, 06/26/2012 - 08:03 | 2560918 bdc63
bdc63's picture

Tyler, give him 24 hours and you're gonna need to pull out that 'deer in the headlights' photo again ...

Tue, 06/26/2012 - 08:05 | 2560927 slaughterer
slaughterer's picture

In Germany this guy would not even be qualified to teach first year "Buchungswesen" at a third-rate "Fachhochschule."  Troika will leave tire marks on his face in short order if he does not quit before then.  

Tue, 06/26/2012 - 10:25 | 2561421 Lebensphilosoph
Lebensphilosoph's picture

And he wouldn't be qualified to teach theology at a Catholic seminary. Does that actually matter, being that economics is a pseudoscience?

Tue, 06/26/2012 - 08:06 | 2560931 nicxios
nicxios's picture

In this capacity, he participated in the negotiations for Greece's to the economic and monetary union (EMU), as a close advisor to prime minister Costas Simitis.


In other words, he helped cook the books?

Tue, 06/26/2012 - 09:30 | 2561249 brooklynlou
brooklynlou's picture

Bingo. Here's a cookie Neo.

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