Gerassimos Arsenis was born in Argostoli in 1931. He is married with Luca Katseli, professor of Economics at the University of Athens, and they have four children.
He studied at the Law School of the University of Athens and he continued his postgraduate studies in Economics at the M. I. T in USA.
He's been the director of the Department of Economic Researchat the University of Economics from 1964- 1966 and manager of the Bank of Greece from 1981- 1984.
He was elected in PASOK in 1985 and again in April 1990, in October 1993, in September 1996 and in April 2000. Since 1990 he is a member of PASOK’s General Committee and Executive Office where he was elected again in 1994, 1996 and in 1999. During 1982- 1985 he was the Minister of Economics and during 1993- 1996 the Minister of Defence. From 1996 to 2000 he was the Minister of Education and Religion.