World-renowned banker Minos Zombanakis buried on Crete
Widely acclaimed economist and banker Minos Zombanakis, who invented the London interbank offer rate (Libor) formula, was buried at Kalyves on Crete on Friday.
The modest Harvard-trained economist who died last week at 92 was described by World Bank president James Wolfensohn in a biography by David Lascelles as "a legend, not only because of his financial skills but also, while Greek, he is one of those universal figures who have shaped our international marketplace."
Zombanakis was born in 1926 at Kalyves, near Chania, and after studying at Harvard University worked in London, where he set the foundations for the current form of borrowing.
His funeral service was attended by political, economic and religious representatives, while messages of condolences were issued on his passing by the prime minister and the main opposition leader, among others.
Source: ANA
