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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BBullionaire's picture

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

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.


CPL's picture

"Ever balanced a checkbook?"


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

GetZeeGold's picture



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


bdc63's picture

nope, no money for robes and silly hats.

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

CPL's picture

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

Pick anything from the Finance pile in the main lobby.

metastar's picture

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

Doña K's picture

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

Kiwi Pete's picture

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

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.

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.

Grimbert's picture

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

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.....

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.

old naughty's picture

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

krispkritter's picture

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

slaughterer's picture

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

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.

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.

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:

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.


BandGap's picture

Radio man on the Titanic.

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

sangell's picture

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

bdc63's picture

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

CPL's picture

No Hope for Change!

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.

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.

BandGap's picture

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

Never danced at a funeral though.

BandGap's picture

I forgot, troglidites don't understand SARCASM

Kiwi Pete's picture

That one on the right has nice lips too!

the not so mighty maximiza's picture

He is going to save the world.

BandGap's picture

How tall does a black swan have to be?

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.

news printer's picture

Looks a lot more healthy then the last one ;)

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!

nathan1234's picture

I hope no connection with Gold Sucks or JP Morgue !

caimen garou's picture

hope they supplied his secretary with plenty ammonia inhalants

bdc63's picture

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

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.  

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?

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?

brooklynlou's picture

Bingo. Here's a cookie Neo.