By George Lakopoulos

What goes around comes around. Even when one has built their entire career on the “ashes” of their past actions, one will eventually meet their nemesis.

Yannis Stournaras has notoriously weaseled out of a series of scandals; instead of apologizing before Justice, he even received praise. To name but a few examples:

  • The mismanagement of the vast amount of money obtained by Emporiki Bank (Commercial Bank of Greece) following the sale of Ionian Bank, under the chairmanship of Mr. Stournaras
  • The Greek Stock Market scam in ’99 turned him into an expert, and so, while others hit rock bottom, he managed to become the director of a large stock exchange company.
  • His memorandum-era “recruitment” as Minister of Finance, which in turn enabled him to appoint himself as Governor of the Bank of Greece – thus mocking the successful academic George Provopoulos, whose second term he essentially usurped.
  • His and his family’s complicity in cases investigated by the Greek Justice, most importantly the case of Novartis – to which he officially offered services as an expert.

With this “resumé”, after being appointed by Samaras, Stournaras’ term was renewed by K. Mitsotakis. Nevertheless, he has actually kept his position in Greece’s central bank owing to the “Euro-ignorance” of SYRIZA.

In Frankfurt, it is considered an ironclad rule that representatives of the European Central Bank shall not interfere in the politics of Member States.

This rule is the bedrock of the ECB’s independence. Stournaras, however, violated it, by acting as a political opponent of Tsipras – not only when he was in the opposition, but also after he won the elections.

Had the SYRIZA government simply filed a complaint about Stournaras’ political entanglement, Mario Draghi would have sent him home once and for all.

Since July 1, 2022, the governor of the Bank of Greece has been in the eye of the storm.

The gang that for three years has been pushing the “Novartis conspiracy” theory, attempted to alter the decision of the Supreme Court’s Judicial Council regarding the Novartis scandal.

That was their last-ditch attempt. The council’s decision recognizes the scandal and vindicates those who investigated it.

The decision, however, also brings to light a shocking aspect of our “democratic” state: the incumbent governor of the Central Bank of Greece resorted to “gangster” methods in the case of N. Maniadakis.

He hasn’t answered, yet. But since – in addition to Samaras, Venizelos and Georgiadis – Mitsotakis also appears to be involved, the “slalom” that brought Stournaras here makes the chronicle of his foretold downfall even more exciting.