After the government's decision to ask the management of state privatization fund TAIPED to resign, signaling a halt in state asset sales agreed under the international bailout program, it is now the turn of the administration in the Hellenic Financial Stability Fund (HFSF),which controls the majority of Greek bank shares. The change in management of the Fund is expected to take place within the week and according to sources the new head will be economist Panagiotis Roumeliotis.
The HFSF is run by an executive committee of three members, one of which shall be nominated by the Bank of Greece. The members of the Executive Board are appointed by the Minister of Finance for terms of five years, which may be renewed; but may be removed prior to the expiry of their term of office by decision of the Minister for Finance.
Roumeliotis was Minister of Finance from 1987-1989, was an elected Members of the European Parliament from 1989, while he served as a representative of Greece to the International Monetary Fund from March 2010 to December 2011. Since then he has been appointed Vice President of the Board of Directors in Piraeus Bank.
Greece's Eurobank will name former deputy CEO Nikos Karamouzis as chairman while Fokion Karavias, a general manager, is set to become the new chief executive, the bank announced on Sunday. The decision comes after the deputy prime minister in Greece's new left-wing government, Yannis Dragasakis, met shareholders on Friday to discuss the bank's future. However, Dragasakis said the management change had not been done at the prompting of the government.
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