Who is Loukas Papadimos?

Here’s a short CV of Loukas Papadimos, the name which is discussed more for the seat of the new Greek Prime minister in the coming national unity government. He has been the No1 choice in the theoretical discussions for a possible national unity government for months now. He is also respected by George Papandreou who actually appointed him as an unpaid Economic advisor in 2010. Reports on the backstage political tug-of-war which preceded the Greek government reshuffle back in June 2011 were mentioning that he was offered to succeed George Papaconstantinou in the Ministry of Finance, a post that Papadimos has denied.

He was born in 1947 and graduated from the high-profile elitist Athens College (Hellenic American Educational Foundation). The school is often referred to as a power hub, due to its numerous influential alumni who remain closely connected after graduation. He later studied at the MIT earning a BA in Physics, a Master’s degree in Electrical Engineering and a Phd in Economics.

In 1980 he worked as an economist for the Federal Bank in Boston and in 1985 he was appointed as a chief economist for the Bank of Greece. In 1988 he became a Professor of Economics at the University of Athens. In 1993 he was appointed by Andreas Papandreou (George’s father) as Vice Chairman of the Bank of Greece and he became its Chairman a year later. From that post he worked for Greece’s preparation to join the euro zone, a project which was continued under Prime Minister Kostas Simitis until the end of the 1990s.

Between 2002 and 2010 he worked as Vice Chairman of the European Central Bank in Frankfurt.

A funny historic trivia is that the last national unity government in Greece was formed in 1989 under another banker, Xenofon Zolotas, who was Greece’s former representative to the IMF and the European Economic Committee. Zolotas was also a former Chairman of the Bank of Greece (1974-1981). That government, which was called Ecumenical Government, was also formed in order to avoid the  bankruptcy of the Greek state and lasted for less than 6 months. Current President of the Greek Republic, Karolos Papoulias, and New Democracy leader, Antonis Samaras, had also participated in that government.

Less than two weeks ago, Loukas Papadimos has written an article for the Greek Sunday newspaper To Vima saying that he preferred a wide restructuring of the Greek debt than a generous haircut.

You can also read a profile of Loukas Papadimos here (The Telegraph newspaper)

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