Ioannis Paleokrassas, who served as Minister of Finance in the government of Konstantinos Mitsotakis from 1990 to 1992, passed away on Saturday at the age of 87.
The late Mr. [Name] was a long-time official and member of parliament for the New Democracy party. The highest position he held was that of Minister of Finance in 1990, when Konstantinos Mitsotakis formed a government following the April 1990 elections.
During his tenure, he was targeted by the 17N terrorist organization in central Athens. In that attack, in July 1992, Thanos Axarlian was killed. The minister at the time suffered burns.
Who was Ioannis Paleokrassas?
He was born in Athens and is originally from Andros; he graduated from the Varvakeio Model School and studied at the London School of Economics (where he earned two degrees, in international economics and transportation economics). At a young age, he worked as a deckhand and a cadet in the Merchant Marine. He served in the Navy from 1958 to 1959.
He served as:
- Head of the Long-Term Programs Division, Ministry of Coordination (1959–1963)
- Head of the Planning Division at the Doxiadis Office in Athens. Director of the Doxiadis Office in Detroit (1963–1968)
- General Manager of Windward Shipping Co., Ltd., London (1968–1970)
- Chief Executive Officer of the Planning and Development Company (1972–1974)
- Assistant Vice President of American Express International Banking Corp. General Manager of Ergasias Bank S.A. (1974–1977)
- Visiting Professor at Brasenose College, Oxford University (1995–1996)
- Chairman of SPECTRUM Financial Services S.A. (2000–2004)
- Chairman of the Board of Directors of PPC S.A. (2004–2005)
- Member of the Board of Directors of WIND-TELLAS S.A. (2006–2021)
- President of the Lilian Voudouri Foundation (2007–2021)
- Vice President of the Hellenic Society for the Environment and Culture (2007–2021)
He has written numerous papers and books on shipping, transportation, economic and social development, human resources, spatial planning, regional development, the financial system, European convergence, the environment, and sustainability.
During his political career, he served as:
- Deputy Minister, Acting Minister, and Minister of Coordination (1977–1981)
- Secretary of the New Democracy Parliamentary Caucus (1980s).
- Minister of Finance (April 1990 – August 1992)
- Minister of Trade and Industry (August 1992 – December 1992)
- Commissioner for the Environment and Fisheries at the European Commission (January 1993 – January 1995). (He succeeded Vasso Papandreou and was succeeded by Christos Papoutsis.).
He was elected
- Member of Parliament for the National List with New Democracy in 1978 (he replaced Solon Gikas following his death).
- Member of Parliament for the Cyclades in 1981, 1985, 1989 (June and November), and 2004, serving until March 26, 2004, when he resigned and was replaced by Ariadne Manousou-Binopoulou.
ATTEMPTED MURDER
On July 14, 1992, the car driven by Yannis Paleokrassas, in which he, his wife, and his 14-year-old niece, was targeted in a rocket attack by the “17 November” group in central Athens. A passerby, the student Thanos Axarlian, was killed in the attack.
The then-finance minister was lucky to escape with only minor burns to his face and hand. Later, the then-Prime Minister, Konstantinos Mitsotakis, visited him at the Ministry of Finance and stated: «The rocket flew right over him. It was a rocket fired from the first floor of the apartment building across the street. Fortunately, it flew over their car, struck an empty car, which caught fire. Mr. Palaiokrassas, who was driving while seated on the left side, opened the door and stepped out into the flames, sustaining minor burns to his face and hand. They gave him some ointment, and he has absolutely no problems. However, a young man—a 25- to 30-year-old—was killed, and there are also injured people. That is the tragic toll.«.
In a subsequent statement, 17N stated, among other things, that then-Minister Paleokrassas was targeted because he was voicing the government’s economic policy.
Yiannis Paleokrassas miraculously escaped a murder attempt for the second time. The first attempt took place in 1984 in Didymoteicho at the Ploutini Hotel, where the New Democracy party was holding a rally. The entire hotel had been rigged with four time bombs, three of which exploded immediately after the rally ended, causing extensive damage to the premises.
AGET-HERACLES SCANDAL AND REFERRAL TO THE SUPREME SPECIAL COURT
In May 1994, Paleokrassas was indicted, along with former Prime Minister Konstantinos Mitsotakis and former Minister Andreas Andrianopoulos, to the Supreme Special Court (Ministerial Court) in connection with the AGET-HERAKLES scandal, charged with breach of trust and dereliction of duty. The case concerned the privatization of the AGET-HERAKLES cement company (one of the largest in Europe) and its sale to the Italian Calcestrucci family, which had ties to the Mafia. On New Year’s Day 1995, Andreas Papandreou announced the suspension of the prosecutions, which took effect on January 16.
Paleokrassas himself claimed that his indictment was motivated by revenge (it followed the «dirty ’89» and the indictment of Andreas Papandreou and his PASOK ministers). In fact, he emphasized in statements to Eleftheros Typos on June 19, 1994, that «if we hadn’t sold AGET, the Greek state’s already troubled finances would have been burdened by approximately 350 billion drachmas today, and within three years that amount would have reached one trillion.».
Mitsotakis: Dedicated to the country
Yannis Paleokrassas was the Minister of Finance who, between 1990 and 1992, managed to restore the national economy to a surplus, significantly increasing public revenue. Later, as the country’s Commissioner, he warned of the crisis that would follow in the coming years.
A close associate of Konstantinos Mitsotakis, he generously offered me his advice as well. I feel fortunate to have met him and to have been enriched by the insights and lessons drawn from his experience. An experience marked by critical moments, such as the assassination attempt against him in a cowardly terrorist attack that claimed the life of Thanos Axarlian. A moment that left a deep wound on Greece.
Thus, Yannis Paleokrassas goes down in history as an upright and effective politician for his homeland—as a hardworking member of parliament representing his beloved Cyclades. As a humble and unassuming man—a true citizen in every sense of the word. But also as a symbol of the rejection of violence and of the unity of our people in the pursuit of a better democratic life.
”I feel deeply honored to have worked with him. And it is with sadness that I shake the hands of his wife, his children, and all those close to him.”.
New Democracy: Ideologue and Technocrat
New Democracy also issued a statement on the death of Ioannis Paleokrassas:
«New Democracy bids farewell today to one of its long-standing members, Yannis Paleokrassas.".
Yannis Paleokrassas served as Minister of Finance in the government of Konstantinos Mitsotakis from 1990–1992, and was the target of a rocket attack by the 17N terrorist group in which Thanos Axarlian was killed.
He was born in Athens in 1934 and studied economics at the LSE. He was a founding member and secretary of the Greek Students’ Association at the LSE, worked at the Ministry of Coordination, and served as an economic advisor to the Union of Greek Shipowners. From 1963 onward, he worked in the private sector as a business executive. He served as Deputy Minister, Acting Minister, and Minister of Coordination from 1977 to 1981. He was appointed Secretary-General of the New Democracy Parliamentary Group in 1982, and in 1993 he became a Commissioner of the European Union.
Yannis Paleokrassas was a politician who combined the fighting spirit of an ideologue with the efficiency of a technocrat. Throughout his distinguished career of public service, he served his ideals, his political party, and his country with loyalty and self-sacrifice, without compromise and without ever considering the political cost.
»We extend our deepest condolences to his family and loved ones.".
Von der Leyen: I pay tribute to his foresight
European Commission President Ursula von der Leyen, highlighting the role he played both as Greece’s Minister of Finance and as Commissioner for the Environment and Fisheries. Specifically, Ms. von der Leyen noted:
«It was with sadness that I learned of the death of Ioannis Paleokrassas. He had a distinguished career as Greek Minister of Finance and Commissioner for the Environment and Fisheries under Jacques Delors. I pay tribute to his foresight regarding the importance of taking action to protect the environment.».
