Tag Archives: The Telegraph

A military coup in Greece: conspiracy or real threat?

I ‘ve just got an email from by Leonardo Bianchi, an Italian journalist and author of La Privata Repubblica, who has been reading this blog for quite some time. His question was whether all those references to a possible coup d’ etat in Greece are a real threat or simply a conspiracy chit-chat. After replying to him, I thought that more readers could have the same question so I decided to explain.

An important detail is to see who is the source of the reference to a military coup.

In Greece the majority of the mainstream media have been aligned with the government in this 2 year course of crisis & EU/IMF driven reforms. Since the beginning, decisions were taking only at the last minute and usually after some form of psychological blackmail to the public, which the mainstream media dutily reproduced in headlines. Greeks have a sad past with military dictatorships and the mere mentioning of the word shocks a lot of people (only 35 years ago there were people, now in their 50s or 60s, who suffered a lot because of our last dictatorship). So when the mainstream media mention such scenarios, I believe that their goal is to terrorize people, to shock them and make them accept anything (example, “if we get kicked out of eurozone, there will be chaos and possibly a dictatorship, so accept these new round of measures and save ourselves”). This methodology has worked repeatedly around the world (read The Shock Doctrine by Naomi Klein) and particularly during the past 2 years in Greece.

Foreign journalists of course have no reason to be part of this game. When they write of coups and tanks in the streets, I think they just want to write an interesting story and since it has been mentioned before as a possibility, they are legitimized (I guess) to reproduce it. Some of them have no clue of the seriousness of this claim (some have never visited Greece) but still, it’s catchy.
Now, whether I believe if it is a real threat, well, not really. I think we have a lot of crazy people in our military who might have thought it but the public today is more mature than in 1967 and it wouldn’t be so popular as then (back then, it was the cold war, the communist “threat” was something serious and the social mass could be controlled more easily). Plus, if an EU country would become a dictatorship, it would be immediately expelled from the EU with wider repercussions, not just for the country but also for the rest of the EU. For example, read about the British Army preparations for military action because of the eurozone crisis.
This is why I think it’s impossible (unless the wanna be dictators have the illusion that we need no one else in the world and that we can do it on our own for ever)

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)