Difference between revisions of "George Alogoskoufis"

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|description=Greek economist and minister [[Greece/Minister of the Economy and Finance|Minister of Economy and Finance]] from 2004 to 2009, where is accounting tricks to increase debt led to the [[Greece/Debt crisis|2010 Greece/Debt crisis]]. He attended all Bilderberg meetings from 2005 until 2009.
 
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|nationality=Greece
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|image=George Alogoskoufis.jpg
 
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|birth_date=1955-10-17
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|birth_date=October 17, 1955
 
|birth_place=Athens, Greece
 
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|title=Minister of the Economy and Finance
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|title=Greece/Minister of the Economy and Finance
 
|start=10 March 2004
 
|start=10 March 2004
 
|end=8 January 2009
 
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'''Giorgos Alogoskoufis''' was Greek minister Minister of Economy and Finance from 2004 to 2009, where his accounting tricks made it possible to increase debt to unsustainable levels - possibly as part of a deliberate plan to trap the country - leading to the [[Greece/Debt crisis|2010 Greece debt crisis]]. He attended all Bilderberg meetings from 2005 until 2009.
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==Background and education==
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He was born in [[Athens]] on October 17, 1955. He grew up in the center of [[Athens]], where he spent most of his life.
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 +
George Alogoskoufis is an economist with great activity both in Greece and abroad. He graduated with honors in 1977 from the Economics Department of the [[University of Athens]] and in [[1981]] he was given a PhD from the [[London School of Economics]].
 +
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==Academic career==
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In [[1984]] he became lecturer at the [[University of London]]. In [[1990]] he became professor at the [[Athens University of Economics and Business]].<ref>https://alogoskoufisg.org/about/</ref>
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He served as chairman of the Council of Economic Experts of the Ministry of national economy (1992-1993) as well as advisor to the [[European Commission]] and the [[World Bank]].
 +
 +
==Political career==
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In 2000, 2004 and 2007 he was elected member of Parliament a Athens for [[New Democracy]]. In March 2004 he became [[Greece/Minister of the Economy and Finance|Minister of Economy and Finance]], a position he retained until January 2009. In the October 2009 elections he failed to be re-elected and announced his return to university activity and the suspension of all party activity.
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==Fiddling the numbers==
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In [[2006]], the [[National Statistical Service of Greece]] proceeded with a revision of GDP, which resulted in a revision of critical fiscal figures. According to the National Statistical Service, the new measurement of GDP was required by [[European Commission]] which specifies the renewal of GDP data every five years, and had been requested by the EU since 2002, while Alogoskoufis also pointed to pressure from the European Statistical Office with a final deadline of September [[2006]]. The revision, which was expected to lead to GDP growth of 25.7% since 2000, included surveys on trade, transport, hotels, construction, data from non-profit institutions and the 2001 census, and also included illegal economic activities.<ref>https://web.archive.org/web/20070929132018/http://www.statistics.gr/gr_tables/InterviewOikonimikiEpithewrisi.pdf</ref>
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The revision of GDP was met with strong criticism from the opposition, who focused on its adverse effects, such as increasing the Greek contribution to the EU budget, while the Ministry of Finance projected positive effects such as strengthening Greece's [[credit rating]] and reducing the deficit.
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The fiddling made it possible to increase the national debt massively.
 +
 +
According to data released by the Ministry of Finance during the tenure of George Alogoskoufis, Greece reduced the deficit to 2.6% of GDP, from 7.9% in 2004, while there were decreases in [[unemployment]], high growth indicators and recovery of imports and investments.<ref>http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressdata/en/misc/94571.pdf</ref> However, this evidence proved to be false.<ref>http://www.tovima.gr/politics/article/?aid=316299</ref><ref>http://news.in.gr/economy/article/?aid=742035</ref><ref>https://www.kathimerini.gr/economy/local/334340/elleimma-pano-apo-3-toy-aep-paradechetai-tora-o-alogoskoyfis/</ref> A [[Eurostat]] report in 2008 showed that the deficit has exceeded 4.8% of GDP, three times the forecast of the Ministry of Finance. The EU then began pressuring the government to take immediate steps to reduce the deficit, as the eurozone's demands on Greece predicted a deficit of less than 3%.<ref>https://web.archive.org/web/20120212133840/http://news.kathimerini.gr/4dcgi/_w_articles_economy_2_11/04/2009_310816</ref> The last Eurostat report, concerning the policy of Giorgos Alogoskoufis, arrived in early 2010. The deficit in 2009 finally reached 13.6% of GDP, while there were reservations about the quality of the economic data reported by Greece in the five years between 2004-2009. At the same time, the term "Greek statistics" was first used by European media, mocking the authenticity of the data provided by Greece about its economic course.<ref name=tovima>http://www.tovima.gr/politics/article/?aid=316299</ref>
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Giorgos Alogoskoufis was strongly accused of concealing the real deficit and of false data shortly before the defeat of New Democracy in the 2009 parliamentary elections. He has since fully supported the policy he followed, but no meaningful explanation was ever given by him for how Greece's deficit was driven to such high levels.<ref name=tovima/> In early April 2011, he gave an interview to the Greek media and named prime minister [[Kostas Karamanlis]] as the main culprit of the [[Greece/Debt crisis|2010 financial disaster]]. In particular, he stated that the former prime minister did not want to proceed with the ratification of measures proposed by the Ministry of Finance.<ref>https://www.protagon.gr/epikairotita/44341635550-44341635550</ref>
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==Mismanagement==
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In [[2007]] he was involved in a structured bonds scandal, where part of the reserves of some Greek supplementary pension funds were put in complex [[JP Morgan]] investment products.<ref>http://www.imerisia.gr/article.asp?catid=15459&subid=2&pubid=73629150</ref>
 +
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In March [[2011]] he was accused of involvement in the [[Siemens]] corruption scandal along with former ministers [[Akis Tsohatzopoulos]], [[Vyron Polydoras]] and [[Prokopis Pavlopoulos]]. He immediately denied any involvement and defended his positions. At the same time, the committee of inquiry included him among the names of ministers involved in these scandals.<ref>http://www.tovima.gr/politics/article/?aid=409811</ref> On 7 July 2011 he was included in the list of former ministers for whom the Government of C. Papandreou launched a preliminary investigation into the Siemens scandal. On 20 July 2011, following a vote in Parliament, it was decided not to refer him for prosecution.<ref>https://web.archive.org/web/20160916045234/http://www.skai.gr/news/politics/article/175570/siemens-den-parapebodai-sto-gnomodotiko-alogoskoufis-markogiannakis-/</ref>
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==After politics==
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As of 2020, he is the chair of the Economics Department of [[Athens University of Economics and Business]].
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{{SMWDocs}}
 
{{SMWDocs}}
 
==References==
 
==References==
 
{{reflist}}
 
{{reflist}}
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{{Stub}}
 

Latest revision as of 01:12, 17 April 2024

Person.png George Alogoskoufis   WebsiteRdf-entity.pngRdf-icon.png
(economist)
George Alogoskoufis.jpg
BornOctober 17, 1955
Athens, Greece
NationalityGreece
Alma materUniversity of Athens, London School of Economics
SpouseDika Agapitidou
PartyNew Democracy
Greek economist and minister Minister of Economy and Finance from 2004 to 2009, where is accounting tricks to increase debt led to the 2010 Greece/Debt crisis. He attended all Bilderberg meetings from 2005 until 2009.

Employment.png Greece/Minister of the Economy and Finance

In office
10 March 2004 - 8 January 2009
Succeeded byYannis Papathanasiou

Giorgos Alogoskoufis was Greek minister Minister of Economy and Finance from 2004 to 2009, where his accounting tricks made it possible to increase debt to unsustainable levels - possibly as part of a deliberate plan to trap the country - leading to the 2010 Greece debt crisis. He attended all Bilderberg meetings from 2005 until 2009.

Background and education

He was born in Athens on October 17, 1955. He grew up in the center of Athens, where he spent most of his life.

George Alogoskoufis is an economist with great activity both in Greece and abroad. He graduated with honors in 1977 from the Economics Department of the University of Athens and in 1981 he was given a PhD from the London School of Economics.

Academic career

In 1984 he became lecturer at the University of London. In 1990 he became professor at the Athens University of Economics and Business.[1]

He served as chairman of the Council of Economic Experts of the Ministry of national economy (1992-1993) as well as advisor to the European Commission and the World Bank.

Political career

In 2000, 2004 and 2007 he was elected member of Parliament a Athens for New Democracy. In March 2004 he became Minister of Economy and Finance, a position he retained until January 2009. In the October 2009 elections he failed to be re-elected and announced his return to university activity and the suspension of all party activity.

Fiddling the numbers

In 2006, the National Statistical Service of Greece proceeded with a revision of GDP, which resulted in a revision of critical fiscal figures. According to the National Statistical Service, the new measurement of GDP was required by European Commission which specifies the renewal of GDP data every five years, and had been requested by the EU since 2002, while Alogoskoufis also pointed to pressure from the European Statistical Office with a final deadline of September 2006. The revision, which was expected to lead to GDP growth of 25.7% since 2000, included surveys on trade, transport, hotels, construction, data from non-profit institutions and the 2001 census, and also included illegal economic activities.[2]

The revision of GDP was met with strong criticism from the opposition, who focused on its adverse effects, such as increasing the Greek contribution to the EU budget, while the Ministry of Finance projected positive effects such as strengthening Greece's credit rating and reducing the deficit.

The fiddling made it possible to increase the national debt massively.

According to data released by the Ministry of Finance during the tenure of George Alogoskoufis, Greece reduced the deficit to 2.6% of GDP, from 7.9% in 2004, while there were decreases in unemployment, high growth indicators and recovery of imports and investments.[3] However, this evidence proved to be false.[4][5][6] A Eurostat report in 2008 showed that the deficit has exceeded 4.8% of GDP, three times the forecast of the Ministry of Finance. The EU then began pressuring the government to take immediate steps to reduce the deficit, as the eurozone's demands on Greece predicted a deficit of less than 3%.[7] The last Eurostat report, concerning the policy of Giorgos Alogoskoufis, arrived in early 2010. The deficit in 2009 finally reached 13.6% of GDP, while there were reservations about the quality of the economic data reported by Greece in the five years between 2004-2009. At the same time, the term "Greek statistics" was first used by European media, mocking the authenticity of the data provided by Greece about its economic course.[8]

Giorgos Alogoskoufis was strongly accused of concealing the real deficit and of false data shortly before the defeat of New Democracy in the 2009 parliamentary elections. He has since fully supported the policy he followed, but no meaningful explanation was ever given by him for how Greece's deficit was driven to such high levels.[8] In early April 2011, he gave an interview to the Greek media and named prime minister Kostas Karamanlis as the main culprit of the 2010 financial disaster. In particular, he stated that the former prime minister did not want to proceed with the ratification of measures proposed by the Ministry of Finance.[9]

Mismanagement

In 2007 he was involved in a structured bonds scandal, where part of the reserves of some Greek supplementary pension funds were put in complex JP Morgan investment products.[10]

In March 2011 he was accused of involvement in the Siemens corruption scandal along with former ministers Akis Tsohatzopoulos, Vyron Polydoras and Prokopis Pavlopoulos. He immediately denied any involvement and defended his positions. At the same time, the committee of inquiry included him among the names of ministers involved in these scandals.[11] On 7 July 2011 he was included in the list of former ministers for whom the Government of C. Papandreou launched a preliminary investigation into the Siemens scandal. On 20 July 2011, following a vote in Parliament, it was decided not to refer him for prosecution.[12]

After politics

As of 2020, he is the chair of the Economics Department of Athens University of Economics and Business.


 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/20055 May 20058 May 2005Germany
Rottach-Egern		The 53rd Bilderberg, 132 guests
Bilderberg/20068 June 200611 June 2006Canada
Ottawa		54th Bilderberg, held in Canada. 133 guests
Bilderberg/200731 May 20073 June 2007Turkey
Istanbul		The 55th Bilderberg meeting, held in Turkey
Bilderberg/20085 June 20088 June 2008US
Virginia
Chantilly		The 56th Bilderberg, Chantilly, Virginia, 139 guests
Bilderberg/200914 May 200917 May 2009Greece
Vouliagmeni		The 57th Bilderberg
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References

  1. ↑ https://alogoskoufisg.org/about/
  2. ↑ https://web.archive.org/web/20070929132018/http://www.statistics.gr/gr_tables/InterviewOikonimikiEpithewrisi.pdf
  3. ↑ http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressdata/en/misc/94571.pdf
  4. ↑ http://www.tovima.gr/politics/article/?aid=316299
  5. ↑ http://news.in.gr/economy/article/?aid=742035
  6. ↑ https://www.kathimerini.gr/economy/local/334340/elleimma-pano-apo-3-toy-aep-paradechetai-tora-o-alogoskoyfis/
  7. ↑ https://web.archive.org/web/20120212133840/http://news.kathimerini.gr/4dcgi/_w_articles_economy_2_11/04/2009_310816
  8. ↑ a b http://www.tovima.gr/politics/article/?aid=316299
  9. ↑ https://www.protagon.gr/epikairotita/44341635550-44341635550
  10. ↑ http://www.imerisia.gr/article.asp?catid=15459&subid=2&pubid=73629150
  11. ↑ http://www.tovima.gr/politics/article/?aid=409811
  12. ↑ https://web.archive.org/web/20160916045234/http://www.skai.gr/news/politics/article/175570/siemens-den-parapebodai-sto-gnomodotiko-alogoskoufis-markogiannakis-/
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