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Greece Hires Former Goldman Banker as Debt Chief

No, that's not from the Onion, it's real. From BusinessWeek:

February 19, 2010, 12:58 PM EST

By Matthew Brown and Maria Petrakis

Feb. 19 (Bloomberg) -- Greece replaced its debt management chief with a former Goldman Sachs Group Inc. investment banker, as declines in the country’s bonds roil European markets.

Petros Christodoulou took over from Spyros Papanicolaou as head of the Athens-based Public Debt Management Agency, the Finance Ministry said yesterday in an e-mail. Christodoulou held positions in global markets at Credit Suisse Group AG, Goldman Sachs and JPMorgan Chase & Co. before joining National Bank of Greece in 1998, according to a company filing.


Christodoulou said in a telephone interview from Athens today that his appointment took effect immediately. He has yet to meet with his new colleagues and it’s “too early” to make any comment on debt strategy, he said.


Christodoulou led the derivatives desk, then short-term interest-rate trading and emerging markets at JPMorgan as a managing director, the National Bank of Greece filing showed.

Goldman Sachs managed $15 billion of bond sales for Greece after arranging a currency swap that allowed the government to hide the extent of its deficit.

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Submitted by DCblogger on

there is going to be an international financial collapse that will be beyond the ability of any government to bail out. As Atrios says, we are ruled by fools.

Submitted by regulararmyfool on

I've felt that the whole Bernie Maddox affair was a total waste of newsprint. The federal authorities need to do a deal with Bernie that for every $1 trillion that he can steal from the rich and use to pay down the national debt, he should get a year knocked off his sentence.

Same concept, but the Greeks did it.