Professor Lucas Papademos New leader for Greece, this is an excerpt from his CV:
Vice-President of the European Central Bank
1973 – 1975: Research Assistant and Teaching Fellow, Massachusetts Institute of Technology
1975 – 1977: Lecturer of Economics, Columbia University, New York
1977 – 1984: Assistant and Associate Professor of Economics, Columbia University, New York
1980: Senior Economist, Federal Reserve Bank of Boston
1984 – 1985: Visiting Professor of Economics, Athens School of Economics and Business
since 1988 Professor of Economics, University of Athens
1985 – 1993 Economic Counsellor (Chief Economist), Bank of Greece
1993 – 1994: Deputy Governor, Bank of Greece
1994 – 2002 Governor, Bank of Greece
During his time as Governor of the national bank, Papademos was involved in Greece's transition from the drachma to the euro as its national currency.
After leaving the Bank of Greece in 2002, Papademos became the Vice President to Jean-Claude Trichet at the European Central Bank from 2002 to 2010. In 2010 he left that position to serve as an advisor to Prime Minister George Papandreou.
We can see that he was there when Greece became a member of the Eurozone, adopting the euro as their currency, so why didn't he know that the figures for entry were fudged?
The above resume contains no private sector experience, which leads us to think that this man is another public sector academic dud.
We wont be expecting miracles in the Greece space and are bemused that the markets have risen on this appointment. We wish him every success in his endeavors, however, we will expect nothing in the way of improvements to the economy of Greece.
Expect the volatility to continue.
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