Update: according to sources, L-Pap has taken the smart way out and has decided to reject the offer to replace G-Pap #2.
According to Greek TV, and this is not confirmed by the Greek government yet, Lucas Papademos ("L-Pap", or "The Plant") will replace "Goldman employee of the year" Giorgios Papaconstantinou, (or G-Pap the Second as he is known on Zero Hedge) who is now the sacrificial lamb of the complete failure that is the PASOK government in Greece. A quick glance at L-Pap's resume explains why the European banking cartel is delighted with this nomination: "He followed an academic career at Columbia University, as well as serving as Senior Economist at the Federal Reserve Bank of Boston in 1980. He joined the Bank of Greece in 1985 as Chief Economist, rising to Deputy Governor in 1993 and Governor in 1994. He was Vice President of the European Central Bank from 2002 to 2010." Take a wild guess whether The Plant will be on the side of his "constituency" or of the Criminal Banking syndicate in the upcoming plunder of Greece. And yes, this is quite bullish for the Ensolventzone Central Bank (and its currency) which was about to be saddled with tens of billions of defaulted debt pledged in its nether regions as cash collateral.
Lucas Demetrios Papademos (Greek: Λουκ?ς Παπαδ?μος; born 11 October 1947 in Athens), is a Greek economist, former Vice President of the European Central Bank.
Papademos attended the Massachusetts Institute of Technology, gaining a degree in physics in 1970, a masters degree in electrical engineering in 1972, and a doctorate in economics, in 1978.
He followed an academic career at Columbia University, as well as serving as Senior Economist at the Federal Reserve Bank of Boston in 1980. He joined the Bank of Greece in 1985 as Chief Economist, rising to Deputy Governor in 1993 and Governor in 1994.
He was Vice President of the European Central Bank from 2002 to 2010.
He has been a member of the Trilateral Commission since 1998.
He is a member of the Academy of Athens, and a professor of the University of Athens.
And here are some of his recent thoughts on what Greece should do from Greek reporter:
A well-known adviser to Greece’s government Saturday warned that a restructuring of Greece’s debts would be not only be “undesirable” for the country, but would have negative spillover effects to other parts of the 17-nation euro zone.
Lucas Papademos, speaking at an event organized by the Central Bank of Cyprus in the coastal town of Limassol warned that any kind of debt restructuring would “undermine” the government’s overhaul efforts.
“The only sensible way forward” is to push ahead with ambitious and large-scale reforms, including the privatization of state assets, he said.