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Τρίτη 1 Οκτωβρίου 2019

Yiangos Pesmazoglou




 Yiangos Pesmazoglou                    ΓΙΑΓΚΟΣ ΠΕΣΜΑΖΟΓΛΟΥ
Born 1918, Chios                               Died 2003, Athens


 Section 7, Number 685

Walk on any street in the center of Athens today and you will come across remnants of its past. The Stoa Pesmazoglou which runs between Panepistimiou and Stadiou streets recalls the thriving 19th century merchant clan which originated in the Cappadocia region of Asia Minor (1), spread from there to Alexandria and Constantinople, and then brought their money and expertise to help build Athens in the latter part of the 19th century.


  

 If you know where to look, you can see a remnant of a once grand Ernst Ziller designed Pesmazoglou building standing incongruously cheek by jowl with a building created for Athens more recent elite:

On Bas. Sophias Avenue opposite the Benaki Museum 


Only the eastern section of the 1893 building remains.

 And then there is the tomb of wealthy banker Ioannis Pesmazoglou (1857-1906), which is the largest monument (2) in the plaza of the First Cemetery:


The work of Italian sculptor Franceso Jerace (1853-1937)

But not all monuments are bricks, mortar, or marble as the subject of this entry proves. Yiangos Pesmazoglou’s grave may be much more modest, but his legacy is not: this cosmopolitan, cultured, and far-sighted economist and thinker dedicated his life to the betterment of Greece.



Yiangos Pesmazoglou
The Early Years

Yiangos (Ioannis) was born on Chios in 1918 where his father Stephanos was the manager of the Bank of Athens.(3)


With his parents

The family soon moved to Athens where he studied at the Makris school and then at the Varvakeio School (4) before entering the Athens University in 1935 to study Law and economics. He was apparently enthusiastic and hard working throughout his student years.  His primary interest was economics. At the university he was influenced by the economic theories of  Kyriakos Varvaresos (Κυριάκος Βαρβαρέσος), a future  deputy director of the Bank of Greece who was teaching Political Economy at the time.  Other important influences during this period were professors Constantinos Tsatsos and Panayiotis Kanellopoulos.  Yiangos was very fortunate to have been exposed to the influence of two such intellectual heavyweights.  
   
The times were not easy. Yiangos attended University under the Metaxas dictatorship, a regime that caused democratically minded persons to pause, and, as a professed Social Democrat, it would have been a difficult period for him. He fought as a soldier against the Italians who invaded in 1940 and then - at 24 years old, he suddenly found himself living in German occupied Greece.



As a young man
During the German occupation he came to know EAM member Nikos Karvounis (Νίκος Καρβούνης ), who was writing  for Proia (Πρωΐα) a newspaper whose editor was Yiangos’ cousin Stephanos Pesmazoglou(5).  But in spite of being exposed to EAM’s political theories and its plans for the future, in the end Yiangos did not believe that their philosophy or political agenda was the way forward in a post war world. He wanted to discover a better way.
In February of 1945, he married Miranda, the love of his life.


His marriage to Miranda Economou

Cambridge

Just months later he applied for and was given a grant to study at the University of Cambridge where he would go with Miranda and obtain his second degree in economics. At Cambridge, Yiangos came under the influence of the economic theories of John Maynard Keynes.  One of the most influential economists of the 20th century,  Keynes proposed a theory that was the opposite of government laissez faire; he advocated that governments should employ interventionist fiscal and monetary policies in order to mitigate the adverse effects of economic recessions and depressions  such as the ones that had occurred in the 1930s and thereafter. Yiangos would return to Greece with these kind of policies very much in mind. And not only that. He would later say that his sojourn in Cambridge had taught him the value of words such as ‘maybe’ or ‘perhaps’, as the means to moderate extreme positions and deal with conflicting opinions.

The Return

Upon returning to Greece, his star rose quickly. In 1950 he was elected Assistant Professor of Political Economics at the Athens Law School and, under the premiership of Nicholaos Plastiras, was appointed the General Director of Political Economy and Programming in the Ministry of Co-ordination then headed by Georgios Papandreau. In 1955 he was appointed Economic Advisor to the Bank of Greece, a position he retained until 1960.

If that were not enough, in 1958, the conservative Prime Minister Konstantinos Karamanlis  appointed him to lead the team negotiating the 1961 agreement with the European Economic Community –the agreement that would pave the way for Greece’s entry into the E.U. in 1981.

In 1960 he became the Deputy Governor of the Bank of Greece  under the governorship of  Xenophondas Zolotas. 


Mr Zolotas on the left and Mr Pesmazoglou on the right

In 1962 he was appointed President of the Committee for European Co-operation. At a time when countries like England and Sweden were pushing for a loose union, others in Europe, including Pesmazoglou, were pushing for a much closer federalized union. During this period, the name Yiangos Pesmazoglou  became synonymous with the Greek effort to join the Common Market.

1967: The Dictatorship Years

1967 started well. Yiangos was elected professor at the Athens School of Economics.  When the Junta took over the country in April of that year, he was persuaded to remain in his post at the Bank of Greece by promises of a quick return to normalcy. But by August of that same year both Zolotas and Pesmazoglou realized that the promise had been an empty one and they resigned on August 3.  The Junta quickly stripped him of his chair at the university. 

 Seferis’ Declaration

As months passed, Pesmazoglou was concerned by what he felt was too easy an acceptance on the part of the outside world to the anomalies and depredations of the Junta, a problem he discussed with the poet George Seferis. Together they considered ways to make their opposition to the Junta public and, at the same time give courage to the Greek people suffering under the regime. The result was Seferis’ famous anti-Junta speech of March 28, 1969 which was broadcast on the Greek Service of the BBC, in Paris and on Deutsche Welle as well as being widely disseminated in journals.



Seferis speaks out on the BBC

Then in 1971, Pesmazoglou founded The Society For the Study of Greek Problems in order to probe the limits of free discussion under martial law. The society attracted many members who would meet at the Alpha theatre of actor Stephanos Linaios  (Στέφανος Ληναίος) until the Junta closed the society down in 1972. It was during this period that Pesmazoglou came into contact with many people whose ideas would eventually form the core of new parties of the Greek left, parties such as the Eurosocialists and Eurocommunists. 


Pesmazoglou with author and activist Gunter Grass

His anti-Junta activities did not go unnoticed and in 1972 he was exiled to the mountain village of Deskati in Grevena, and after that to Thermo, high up on the eastern edge of lake Trixonidas in Aitoloakarnanias, both out of the way places even today.
Exile by a hostile government has been a popular solution all through Greek history and could almost be seen as a badge of honour by any dissident worth his or her salt. His wife Miranda brought his art supplies into exile with him and he was able to take up a pastime that he had had little time for in the previous years:



One of the paintings

The Post Junta Years

In 1974, he entered the political arena and was elected to parliament on the Center-Union ticket. He became Minister of Economics in the ecumenical government formed by Konstantinos Karamanlis. From 1975 to 1978 he was President of the Joint Parliamentary Committee for Greece and the Common Market.

In the 1977 election, the Center-Union party was badly defeated and Pesmazoglou led a breakaway movement to form The Party of Democratic Socialism (ΚΟΔΗΣΟ) a party that, in spite of the luminaries who joined it, was basically considered the party of Pesmazoglou. (6)


Although pro-European and imbued with the ideals of Social Democracy, ΚΟΔΗΣΟ was no match for the rising star of populist  Andreas Papandreau and the party disappeared quickly from the political scene.
During the 80s, Pesmazoglou would align himself with the conservative party, New Democracy, although he never became a member.

Kudos

In 1992, at the age of 74 and after a long career, Yiangos was elected to the prestigious Athens Academy and in 1996, he became its president.

It is always hard to grasp the inner person. Yiangos Pesmazoglou comes across to me as intelligent, moderate and intellectual, a man constantly searching for the ‘better way’ during a period in Greece’s modern history when extremist and populist views were winning the day. The word ‘balanced’ comes to mind. In a society where being left or right was a label bestowed on almost all public figures, he seems to have preferred a ‘middle’ way where words like maybe and perhaps could conceivably become part of the social and political dialogue.

Yiangos Pesmazoglou died in 2003 and is buried in the First Cemetery.

Map


 Section 7, Number 685

Footnotes:

(1)  The family name was originally   “Pesma”. It expanded with the addition of  zoglou  (the Turkish equivalent of ‘son of’). Their family businesses, banking in particular, spread throughout the Ottoman sphere. Banker Ioannis Pesmazolglou’s ( 1857-1906) bank merged with the Bank of Athens in 1897 and he became its chairman until he died.  
(2)   I have discovered frustratingly little about the making of this incredible chunk of marble with its impressive hanging angels and a bas relief of the entrance to Hades.  Franceso Jerace was a big name in Italy and his work can be found all over Europe, but this is his only work in Greece as far as I know. There is no reference to him ever coming to Greece. Is it possible he designed it and then a Greek sculptor realized the concept? I would love to know.
(3)  There is very little in English about this family and research is partly confounded by the repetition of the same first names (Georgios, Ioannis, and Stephanos) over and over again. Unless specific dates or other specifiers are given, it is often difficult to know which Ioannis or Stephanos or George is being referred to. The name Yiangos is a diminuative of Ioannis. This passing on of the same names for generations must have been confusing inside a clan as large as this one!
(4)  The Varvakeio School, funded by Greek benefactor Ioannis Varvakis is still going strong in Athens.
(5)  One source lists this Stephanos as the son of banker Ioannis Pesmazoglu (1857-1906).
(6)  Other members included--------------------------------------

Sources
 There are very few English sources on the internet aside from this obituary by historian Richard Clogg: John Pesmazoglou: Bold champion of democracy and Greece's place in Europe at https://www.theguardian.com/news/2004/feb/02/guardianobituaries
Greek Sources:
-«Γιάγκος Πεσμαζόγλου» της Νίτσας Λουλέ- Θεοχαράκη, από εκδόσεις Ελληνικά Γράμματα.
-Η προσωπικότητα του Γιάγκου Πεσμαζόγλου. Η σφραγίδα του στην ιστορία της μεταπολεμικής Ελλάδας https://www.blod.gr/lectures/i-prosopikotita-tou-giagkou-pesmazoglou-i-sfragida-tou-stin-istoria-tis-metapolemikis-elladas/
Nuvola apps kaboodle.png Γιάγκος Πεσμαζόγλου(Αρχείο ντοκιμαντέρ της ΕΡΤ


Κυριακή 25 Μαρτίου 2018

Xenophon Zolotas




  Xenophon Zolotas                                         ΞΕΝΟΦΩΝ ΖΟΛΩΤΑΣ

   Born 1904                                                                 Died 2004

 Plaza, Section A, Number 85
 
The ‘Professor’

Xenophon Zolotas was one of Greece’s great economists. Wealthy in his own right, he nonetheless decided to apply his impressive intellect in an effort to steer the economy of Greece onto a course that would lead to its economic success and better the lives of its people. He held the position of Director of the Bank of Greece for a record number of years and became world famous for his economic acumen. Out of all of the many titles bestowed upon him during his lifetime abroad and at home (including that of Prime Minister during a brief stint as caretaker in 1989-90), he preferred to be referred to as ‘professor’.
 
His Life

Xenophon was born in 1904 with a ‘golden’ spoon in his mouth. His father Efthimios Zolotas, was one of Greece’s most renowned goldsmiths. The shop he had inaugurated in 1895 on Aiolou Street (then the economic center of Athens) quickly became a magnet for the Athens elite. He hoped his son would follow in his footsteps and take over the business. But, encouraged by his mother Constantina, Xenophon opted for an academic career. 

At the age of 24, after studies in Athens, Leipzig and Paris he was offered the chair of Professor of Financial Law at the University of Thessaloniki.(1)
 
Academic life suited him. Even when Elefterios Venizelos tried to persuade him to become the general secretary of an Economic Council established to encourage the growth of the Greek economy, Zolotas chose not to abandon academia where he was quickly making his mark. As a Keynesian, he believed that the state had an obligation to intervene and compliment private initiative. He promoted the industrialization of Greece, maintaining that its future prosperity lay in industrial development and the increase of its exports.
 
He would serve as co-director of the Bank of Greece in 1944-5 immediately after the liberation of Athens and as its director from 1955 to 1967 (when he resigned because of the military dictatorship) and again as director from 1974 to 1981. He would also be made an honorary director of the bank for life because of his service. 

It is hard to know what is most impressive: his role as director of the Bank of Greece or that in 1960 he was a member of a select committee dubbed “the Four Wise Men” convened by the OEEC (Organization for European Economic Cooperation) to promote better cooperation and economic development. The famous four were: Bernard Clalpier from France Randolf Burgess from America, Sir Paul Gore-Booth from England, and Xenophon Zolotas from Greece.


                                                            
 It’s all Greek to Me! 

In the 1950s, Zolotas gave two notable speeches at the International Bank for Reconstruction and Development. He wanted to highlight the debt the English language owed to the Greek language. He said,

“I always wished to address this assembly in Greek but I realized that it would all be Greek to all present in this room. I found out, however, that I could make my address in Greek which will still be English to everybody. With your permission Mr. Chairman I shall do it now, using with the exception of articles and prepositions only Greek words:” He began:

Kyrie, it is Zeus' anathema on our epoch for the dynamism of our economies and the heresy of our economic methods and policies that we should agonize between the Scylla of numismatic plethora and the Charybdis of economic anemia…etc.

 

While stilted, the point was made! His efforts were applauded to the extent that his speech made the front pages of the Washington Post and the New York Times.

Private Life

Xenofon  Zolotas was a cosmopolitan and lived well. A dinner party he hosted might include poached grouper, guinea fowl with mushrooms, chocolate soufflé, and wine from the Vati or Averoff vineyards. One assumes all this might be followed by an expensive cognac and hand-rolled Cuban cigars! In 1958, in the same spirit and flair, he married the beautiful Kalliroi (Lola) Ritsou an American of Greek descent and some twenty years younger. She would become a style setter in Athens, often appearing in gowns adorned with gold and jewels from the House of Zolotas. They lived in a splendid home on Dionysios Areopagitou with a wonderful view of the Acropolis.




Here Mrs. Zolotas poses wearing jewelry by the House of Zolotas. See www.Zolotas.gr

              The House of Zolotas was (and still is) popular with the rich and famous:


Liz Taylor, visiting Greece in 1958 for the premiere of Around the World in 80 Days, became an enthusiastic fan of both their classical and innovative designs.

An Economy of Extravagance

In the 1970s Zolotas, as Director of the Bank of Greece, became concerned about the route the Greek economy was taking. In 1977 he gave a speech to economic journalists entitled Consumption, Investment and Monetary Equilibrium (Κατανάλωσις, Επενδύσεις και Νομισματική Ισορροπία) in which he said,

The last years have indicated a tendency to overconsumption along with a parallel deceleration in investments especially in the field of manufacturing.
Instead of using savings to invest in industry and agriculture which contribute to an increase in productive potential and to national productivity, investment is allocated to residential housing where the contribution to the national productivity is limited… 

His Conclusion?  

We are advancing step by step into a wasteful economy which if we do not take measures to curb, we are not going to be able to lessen inflation and balance the budget.
 
Prophetic words…. Greeks continued to pour their savings into real estate at the expense of other investments. At least he did not live to see the final humiliation that these ‘tendencies’ had led the country into by 2008.

 Zolotas remained vigorous and active into his old age, insisting on swimming every day, even in winter. He died on June 11, 2004. His grave is tucked away on the far west of the Plaza, close to Section 14. The cross is a distinctive design from the House of Zolotas.

 

 The Map


Footnotes
(1) He held this post until 1968, when he resigned in protest when the military Junta came to power in 1967. He was a member of the Board of Directors of UNRRA in 1946 and held senior posts in the International Monetary Fund among others.