Difference between revisions of "Lucas Papademos"

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'''Lucas Papademos'''
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'''Lucas Demetrios Papademos''' is a Greek economist who served as [[Prime Minister of Greece]] from November 2011 to May 2012, leading a [[provisional government]] in the wake of the [[Greek government debt crisis|Greek debt crisis]], implementing the conditions of a [[debt spiral]] on behalf of international finance. He previously served as [[European Central Bank|Vice President of the European Central Bank]] from 2002 to 2010 and Governor of the [[Bank of Greece]] from 1994 to 2002.
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==Early life and education==
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Papademos was born in [[Athens]] to parents who came from the town of [[Desfina]] in [[Phocis]].<ref>[http://www.tanea.gr/ellada/article/?aid=4670844 "Ta Nea" news-paper, online edition, 7 Nov. 2011], in Greek language.</ref> After graduating from [[Athens College]] in 1966, Papademos was accepted into the [[Massachusetts Institute of Technology]], where he gained a bachelor's degree in physics in 1970, a master's degree in electrical engineering in 1972, and a doctorate in economics in 1978.
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==Career as an economist==
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In 1975, he worked with [[Franco Modigliani]] as an [[economic hitman]] on the neoliberal [[NAIRU]] concept, a theoretical framework for justifying high unemployment<ref>https://www.brookings.edu/wp-content/uploads/1975/01/1975a_bpea_modigliani_papdemos.pdf</ref> He engaged in a career in [[academia]], teaching economics at [[Columbia University]] from 1975 until 1984, before moving to the [[University of Athens]] in 1988.<ref name="harvard">http://www.hks.harvard.edu/about/faculty-staff-directory/lucas-papademos</ref>
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His work as an economist began in 1980, when he was appointed senior economist at the [[Federal Reserve Bank of Boston]]. He joined the [[Bank of Greece]] in 1985 as its [[chief economist]], rising to the rank of deputy governor in 1993, and finally [[governor]] in 1994. During his time as governor of the central bank, Papademos was involved in Greece's transition from the drachma to the [[euro]] as its national currency.
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After leaving the Bank of Greece in 2002, Papademos became the vice president to [[Wim Duisenberg]], and then [[Jean-Claude Trichet]], at the [[European Central Bank]] from 2002 to 2010. In 2010 he served as an economic advisor to [[Prime Minister of Greece|Greek Prime Minister]] [[George Papandreou]].<ref name="telegraph8867331">https://www.telegraph.co.uk/finance/financialcrisis/8867331/Lucas-Papademos-profile.html</ref>
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He was previously a member of the non-governmental group [[Trilateral Commission]].<ref>Trilateral Commission Website, [http://www.trilateral.org/download/file/EU_list_10-11.pdf European Group Members]</ref><ref>Trilateral Commission Website, [http://www.trilateral.org/download/file/TC_list_12-11%282%29.pdf European Group Members-Update December 2011]</ref>
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==Prime Minister of Greece==
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Papademos was first proposed{{by whom}} as a potential caretaker [[Prime Minister of Greece|prime minister of Greece]] in early November 2011, after Prime Minister [[George Papandreou]] offered to resign and allow a [[national unity government|provisional coalition government]] to deal with the major political turmoil caused by the country's [[Greek debt crisis|debt crisis]].<ref>https://www.bbc.co.uk/news/world-europe-15671354</ref><ref>https://www.theguardian.com/world/2011/nov/10/lucas-papademos-greece-interim-coalition</ref>
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Papademos stated that his government's primary task would be to facilitate the [[Greek financial crisis|financial bailout]] from the European Union – which was provided on the condition that severe budget austerity be implemented – and to lead the country until elections could be held. Papademos also stated that his sole priority as prime minister would be to try to keep Greece within the [[Eurozone]].<ref>https://www.bbc.co.uk/news/world-europe-15691697</ref>
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In January 2012, Papademos warned that workers would have to accept substantial cuts in their income in order for a default to be avoided. He also told business and union leaders that the "troika" — the European Union, the [[International Monetary Fund]] and the ECB — was looking for Greece to take steps to open up so-called closed professions, as well as adjustments to the minimum wage, abolition of Christmas and summer vacation bonuses and automatic wage increases.<ref>https://www.bloomberg.com/news/2012-01-04/papademos-warns-fellow-greeks-economic-collapse-looms-without-sacrifice.html </ref> Papademos also declared in January that his provisional government would last until at least April, instead of February as was originally planned, so that further austerity measures could be implemented before an election.<ref>http://www.europeanvoice.com/article/2011/december/greek-elections-delayed-until-april/73071.aspx</ref>
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==Assassination attempt==
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In Athens on 25 May 2017, a suspected [[letter bomb]] exploded within his car, causing non-life-threatening arm, leg and stomach injuries to Papademos. His driver sustained leg injuries in the attack and another passenger, a banking official, was also injured.<ref>https://www.bbc.co.uk/news/world-europe-40052213</ref>
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==References==
 
==References==
 
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Revision as of 00:00, 25 January 2022

Person.png Lucas Papademos  Rdf-entity.pngRdf-icon.png
(central banker)
Lucas Papademos.jpg
Born11 October 1947
NationalityGreek
Alma materAthens College, Massachusetts Institute of Technology
SpouseShanna Ingram
Member ofTrilateral Commission
Banker and economic hitman who on behalf of international finance implemented severe budget austerity in Greece to establish a debt trap.

Employment.png Prime Minister of Greece Wikipedia-icon.png

In office
11 November 2011 - 16 May 2012
Preceded byGeorge Papandreou
Succeeded byPanagiotis Pikrammenos

Lucas Demetrios Papademos is a Greek economist who served as Prime Minister of Greece from November 2011 to May 2012, leading a provisional government in the wake of the Greek debt crisis, implementing the conditions of a debt spiral on behalf of international finance. He previously served as Vice President of the European Central Bank from 2002 to 2010 and Governor of the Bank of Greece from 1994 to 2002.

Early life and education

Papademos was born in Athens to parents who came from the town of Desfina in Phocis.[1] After graduating from Athens College in 1966, Papademos was accepted into the Massachusetts Institute of Technology, where he gained a bachelor's degree in physics in 1970, a master's degree in electrical engineering in 1972, and a doctorate in economics in 1978.

Career as an economist

In 1975, he worked with Franco Modigliani as an economic hitman on the neoliberal NAIRU concept, a theoretical framework for justifying high unemployment[2] He engaged in a career in academia, teaching economics at Columbia University from 1975 until 1984, before moving to the University of Athens in 1988.[3]

His work as an economist began in 1980, when he was appointed senior economist at the Federal Reserve Bank of Boston. He joined the Bank of Greece in 1985 as its chief economist, rising to the rank of deputy governor in 1993, and finally governor in 1994. During his time as governor of the central 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 Wim Duisenberg, and then Jean-Claude Trichet, at the European Central Bank from 2002 to 2010. In 2010 he served as an economic advisor to Greek Prime Minister George Papandreou.[4] He was previously a member of the non-governmental group Trilateral Commission.[5][6]

Prime Minister of Greece

Papademos was first proposed[By whom?] as a potential caretaker prime minister of Greece in early November 2011, after Prime Minister George Papandreou offered to resign and allow a provisional coalition government to deal with the major political turmoil caused by the country's debt crisis.[7][8]

Papademos stated that his government's primary task would be to facilitate the financial bailout from the European Union – which was provided on the condition that severe budget austerity be implemented – and to lead the country until elections could be held. Papademos also stated that his sole priority as prime minister would be to try to keep Greece within the Eurozone.[9]

In January 2012, Papademos warned that workers would have to accept substantial cuts in their income in order for a default to be avoided. He also told business and union leaders that the "troika" — the European Union, the International Monetary Fund and the ECB — was looking for Greece to take steps to open up so-called closed professions, as well as adjustments to the minimum wage, abolition of Christmas and summer vacation bonuses and automatic wage increases.[10] Papademos also declared in January that his provisional government would last until at least April, instead of February as was originally planned, so that further austerity measures could be implemented before an election.[11]

Assassination attempt

In Athens on 25 May 2017, a suspected letter bomb exploded within his car, causing non-life-threatening arm, leg and stomach injuries to Papademos. His driver sustained leg injuries in the attack and another passenger, a banking official, was also injured.[12]


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References

  1. ↑ "Ta Nea" news-paper, online edition, 7 Nov. 2011, in Greek language.
  2. ↑ https://www.brookings.edu/wp-content/uploads/1975/01/1975a_bpea_modigliani_papdemos.pdf
  3. ↑ http://www.hks.harvard.edu/about/faculty-staff-directory/lucas-papademos
  4. ↑ https://www.telegraph.co.uk/finance/financialcrisis/8867331/Lucas-Papademos-profile.html
  5. ↑ Trilateral Commission Website, European Group Members
  6. ↑ Trilateral Commission Website, European Group Members-Update December 2011
  7. ↑ https://www.bbc.co.uk/news/world-europe-15671354
  8. ↑ https://www.theguardian.com/world/2011/nov/10/lucas-papademos-greece-interim-coalition
  9. ↑ https://www.bbc.co.uk/news/world-europe-15691697
  10. ↑ https://www.bloomberg.com/news/2012-01-04/papademos-warns-fellow-greeks-economic-collapse-looms-without-sacrifice.html
  11. ↑ http://www.europeanvoice.com/article/2011/december/greek-elections-delayed-until-april/73071.aspx
  12. ↑ https://www.bbc.co.uk/news/world-europe-40052213
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