Former Bank of Greece governor George Provopoulos died of cancer on Tuesday. He was 74.
Provopoulos was central governor from 2008 to 2014, probably the most difficult period for the Greek economy, as it entered a protracted financial crisis that rendered the country insolvent, shrank its GDP by over a quarter, and required hundreds of billions in rescue packages that came with draconian measurements.
He was born on April 20, 1950 in Piraeus. After studying economics in Greece, Provopoulos went to Britain on a scholarship, obtaining his master’s and PhD degrees from Essex University and becoming a professor in 1979.
Under Professor Angelos Angelopoulos, he took part in a committee mandated by Greek Prime Minister Xenophon Zolotas in 1990, under a coalition government, to prepare an economic policy report to stabilize Greece’s economy and return it to growth.
Provopoulos had vast experience in banking
Provopoulos had vast experience in the banking sector as well as in academia, having served as associate professor at the University of Athens’ Economics Department (1979-2007).
As chairman and CEO at Emporiki Bank, Greece’s fifth-largest lender, he oversaw the bank’s sale to Credit Agricole in 2006. He later served as CEO at Piraeus Bank, the country’s fourth-largest, as it expanded into Southeast Europe.
Before assuming duties of chief executive at Emporiki, Provopoulos was a senior management adviser at Alpha Bank from 1994 to 2004 and served as deputy governor at the Bank of Greece during 1990 to 1993. He also chaired the Council of Economic Advisers in 1989 to 1990.
In June 2000, six months before Greece joined the eurozone, Provopoulos wrote that the new big vision for the country would be to converge with its euro partners in real terms.
He was general manager of the Foundation for Economic & Industrial Research (IOBE, 1993-1997), Deputy Governor of the Bank of Greece (1990-1993), and president of the Council of Economic Advisers at the Economy & Finance Ministry (1989-1990).
Overhaul of the Greek banking system
As Greece’s central banker and member of the European Central Bank‘s board of governors, he handled the overhaul of the Greek banking system during a deep economic crisis. At the same time, he was IMF Alternate Director for Greece and member of the Bank for International Settlements.
Reuters said at the time that Provopoulos was considered a pragmatist on monetary policy issues on the traditional dove-hawk divide.
His term was not renewed when it expired in 2014, and he was succeeded by Υiannis Stournaras, now in his second 6-year term as Bank of Greece Governor.
After his stint as central banker, Provopoulos worked for Eurobank, managing its branches in Bulgaria.
Provopoulos is survived by his wife and three children.
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