G. Katrougalos, Memoranda sunt servanda? The constitutionality of the law 3845/210 on the Greek...

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Essay by jurist G. Katrougalos on the Troika agreements

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  • Memoranda sunt Servanda? H 3845/2010 ,

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    Addendum to the eighth report on State responsibility, in: Yearbook of the International Law Commission 1980, Vol. II, . 13 ., . . 25.

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    6 3845/2010 ( 65/06.05.2010) - , , 3, , .

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    , , , (odious debt).

    2 , , W. W. Bratton, G. Mitu Gulati, Sovereign Debt Reform and the Best

    Interests of Creditors, 57 Vand. L. Rev. 1, 2004, L. C. Backer, Cuba and the IMF: Conflicts

    over the nature of the state and sovereign debt in the emerging global economic system,

    : http://papers.ssrn.com/sol3/papers.cfm?abstract_id=736923, Conference on Sovereign Debt Restructuring, The View From the Legal Academy, Emory University Law School, papers published at 53 Emory L.J. 2004,

  • 3

    3, . , () , A. Kruger, Sovereign Debt Restructuring Mechanism (SDRM), 4 , 5. . , , 6.

    , - , : , . , 7, (Washington consensus, .

    3 M. H. Bouchet, The political economy of International Debt: Who, what, how much

    and why? 1987, J. Bulow, First World Governments and Third World Debts Brookings Papers on Economic Activity, 2002, 229.

    4 , ..

    .

    5 A. O. Krueger, A New Approach to Sovereign Debt Restructuring, International

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    Staff Papers No. 41, Jan. 1, 2003. 6 A. O. Krueger, A New Approach to Sovereign Debt Restructuring, International

    Monetary Fund, . 12-14. 7

    (conditionality) Bretton Woods . Articles of Agreement 1950 . . S. D. Krasner, Sovereignty: Organized Hypocrisy, Princeton University Press, Princeton, 1999, . 84-85.

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    8 G. Soros, The Crisis of global capitalism, Public Affairs, New York, 2002, . 128,

    . J. Stiglitz, Globalization and its discontents, Norton, New York, 2002, p. 53. 9 ,

    . Affaire de lindemnit Russe, UNRIAA, Vol. XI, 431, . 443. . 13 14. . . , , , , 1980, . 21 ..

    10 ., , R. Dolzer, Staatliche Zahlungsunfhigkeit: Zum Begriff und zu den

    Rechtsfolgen im Vlkerrecht, in: Jekewitz (ed.), Des Menschen Recht zwischen Freiheit und Verantwortung: Festschrift fr Karl Josef Partsch zum 75. Geburtstag 1989, . 550, P. Schantz, Verbraucher und Recht VuR 2006. 210, . 211.

    11 Responsibility of States for Internationally Wrongful Acts, Annex to the Resolution

    of the United Nations General Assembly A/RES/56/83.

  • 5

    . (ICJ)12.

    , (salus populi suprema lex est), 13. 1938, , , , 14.

    - . 15, 25.561 6 2002 , , , . , 256/2002 6

    2002 ,

    . 16.

    17,

    12 Judgment of the International Court of Justice of 25 September 1997, Gabcikovo-

    Nagymaros Project (Hungary/Slovakia), I.C.J. Reports 1997, . 7, . 51. Addendum to the eighth report on State responsibility, in: Yearbook of the International Law Commission 1980, Vol. II, . 13, Addendum to the eighth report on State responsibility, in: Yearbook of the International Law Commission 1980, Vol. II, . 13

    13 ( )

    . . , French Company of Venezuelan Railroads Case, UNRIAA, Vol. X, p. 285 (353))

    14 Permanent Court of International Justice (PCIJ), Series C, no. 87 (1938-1939), 187

    .., .. 205 ... . Lbbe-Wolff BVerfG 2 BvM 1-5/03.

    15 . . IMF, Report on the

    Evaluation of the Role of the IMF in Argentina, 1991-2001. June 30, 2004. 16

    . J. F. Hornbeck Argentinas Sovereign Debt Restructuring, Congressional Research Service RL32637, The Library of Congress, Washington, 2004.

    17 . , A.C. Porzecanski, From Rogue Creditors to Rogue Debtors:

    Implications of Argentinas Default, CHICAGO JOURNAL OF INTERNATIONAL LAW, Summer 2005, 331.

  • 6

    18. , (International Centre for Settlement of Investment Disputes ICSID-) , 3 2006 LG&E Energy Corp 2001 2003 19.

    , , , , acta iure imperii20. (Schutzpflicht) 21.

    . 1921, - 22. , 23. , ,

    18 ., , C. Tietje, Die Argentinien-Krise aus rechtlicher Sicht:

    Staatsanleihen und Staateninsolvenz, Beitrge zum Transnationalen Wirtschaftsrecht, vol. 37, . 13.

    19 ICSID Case No. ARB/02/1 (Decision on Liability), .. 267.

    20 Corte Suprema di Cassazione, Ordinanza 27 2005, R.G.N. 6532/04

    21 BVerfG, 2 BvR 120/03 4.5.2006. . BVerfG, 2 BvM 1-5/03 8.5.2007.

    22 , 1898,

    , . , , ) , ) () . . J. Moore, Digest of International Law. Washington, 1906.

    23 . Fidel Castro Ruz, Latin Americas Foreign Debt Must Be

    Canceled, Michael Tabor (.) Fidel Castro Speaches 1984-85, 1985, . 206, . L. C. Backer, Cuba and the IMF: Conflicts over the nature of the state and sovereign debt in the

    emerging global economic system, .. . - . , . , 9/2003. 986.

  • 7

    , 24 25. (odious debt)26.

    . , , ( , .., ), , 27.

    . 2007 , , , , 28, 20/11/2008

    24 ., .., - , Ecclesia In America, (Apostolic

    Exhortation: To the Bishops, Deacons, and Priest, http://www.vatican.va/index.htm): () , . . Desmond Tutu, Debt cancellation a victory for the world, The Baltimore Sun, May 7/2008

    25 El Hadji Guis, "

    , , ." United Nations, Economic and Social Council, Commission on Human Rights, Sub-Commission on Prevention of

    Discrimination and Protection of Minorities, The Realization of Economic, Social and Cultural Rights: The Question of Transnational Corporations, E/CN.4/Sub.2/1998/6, June 10,

    1998, . 1 26

    E. F. Mancina, Note: Sinners in the Hands of an Angry God: Resurrecting the Odious Debt Doctrine in International Law, 36 GEO. WASH. INTL L. REV. 2004. 1239 . 167, Anupam Chander, Odious Securitization, 53 EMORY L.J. 2004, 923, M. Kremer, S.

    Jayachandran1, Odious Debt, Harvard Seminar, 2002 : http://204.180.229.21/external/np/res/seminars/2002/poverty/mksj.pdf. . http://www.odiousdebts.org.

    27 . T. Lothian, The Criticism of the Third-World Debt and the Revision of

    Legal Doctrine, 13 WIS. INTL L.J. 1995.421, . 439. . P. Adams, Odious Debts: Loose Lending, Corruption and the Third Worlds Environmental Legacy, Earthscan, Toronto, 1991, . 165.

    28 . No. 472/2007,

    http://www.auditoriadeuda.org.ec/index.php?option=com_content&view=article&catid=35&id=51&Itemid=55..

  • 8

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    29 Government of Ecuador. Internal Auditing Commision for the Public Credit of

    Ecuador, Ministry of Economy and Finances.,Final Report of the Integral Auditing of the Ecuadorian Debt. Quito, Ecuador: Government of Ecuador, 2008, http://www.auditoriadeuda.org.ec/images/stories/documentos/Libro_CAIC_English.pdf.zip.

    30 L. C. Buchheit and G. Mitu Gulati, The Coroners Inquest, INTERNATIONAL

    FINANCIAL LAW REVIEW, September 2009, 2. 31

    A. C. Porzecanski, When Bad Things Happen to Good Sovereign Debt Contracts:

    The Case of Ecuador. MPRA Paper No. 20857, American University, February 2010, http://mpra.ub.uni-muenchen.de/20857, . 15.

  • 9

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    , , , (letter of intent) . ( ) 35 , . , 9 , 36.

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    , 09/05/2010. 33

    2001. . J.R. Klein, The Battle for Rule of Law in Thailand: The Constitutional Court of Thailand, 2003, : http://www.cdi.anu.edu.au/CDIwebsite_1998-

    2004/thailand/thailand_downloads/ThaiUpdate_Klien_ConCourt%20Apr03.pdf 34

    , . 3 . 35

    . , soft law. . , , ..

    36 . EBS/10/77 .

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    37 (conditionality)

    , . . T. Lothian, The Criticism of the Third-World Debt and the Revision of Legal Doctrine, 13 WIS. INTL L.J. 1995.421, . 442.

    38

    , , 1897 . . . . , . , . , , , 1941, 27-31.

  • 11

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    42 . 407/80, 1980.437 . , ,

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    44 . . , Corpus, , . , - 1982, . 585.

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  • 16

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  • 17

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    B., , . , , , 2004, 13 . 5 ., 58 ., . , , , , 1999, . 3 .

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  • 18

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    68 .

    , ...., Pressos Compania Naviera SA 20.11.1995, Pine Valley Development 2.11.1991, 28.3.2000, 3739/1999, .... 1999, . 16

    69 . () 40/1998, 33/2002

    70 Van der Mussele v. Belgium, 23 1983, Series A no. 70, .

    23, . 48, Pine Valley Developments v. Ireland 29 1991, Series A no. 222, . 23, . 51; Pressos Compania Naviera S.A. v. Belgium, 20 1995, Series A no. 332, . 21, . 31, . . , , 2005, 547 1295/2004 104/2009, (.) 33/2002, 1465/2001, () 40/1998, 510/2002, 957/2002, 71/2003, 79/2003.

    71 , . 6.

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    73 . . , , .., . 166 .., .

    , , . , , 2004, . 385 .., . , , , , 1994, . 24 . , , 1991.665 737 . (

  • 19

    , 1 , , , .

    , , 74, 75. , , : 1 76. 77.

    , , , , 78. 79 80 81, 82.

    , .

    , , 1992.409, . , . 2048/92, 1992.745.

    74 20.6.2002

    75 22.10.2009, . 39574/07

    76 A Gratzinger Gratzingerova ,

    10.7.2002, . 39794/98. 77

    A Wanda Paruszewska 16-4-96, . 995/04, 3458/02, 2776/00, 3739/99

    78 898/79, 2973/91, 450/78.

    79 967/87, 1 2914/83, 1511/82, 1508/82, 40/85, 797/77.

    80 2149/2001, 3824/2000, 2745/1999, 1635/89, 241/89, 2913/83, 3852/79

    81 139/2002, 2888/1999, 3127/2000, 4516/1997, 3177/1998, 3010/1998

    82 2022/82.

  • 20

    83, 84.

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    --; ( ) , .

    , , : . , .

    , :

    . 2009-43-01 21 2009 10% 70%, 85. ". , ( 109 ) ( 91), ( 1).

    C-754 60 62 2014,

    83 Conclusions XVIII-1 (Greece) . 13, Conclusions XVIII-1 (United Kingdom), .

    520. Conclusions XVI- 1, Statement of Interpretation on Article 12, . 11. . G. Katrougalos, Constitutional limitations of Social Security Privatisations: A human rights approach, European Journal of Social Security, 2010, . 16.

    84 B.

    2/9/2010, 1 BvL 1/09, 1 BvL 3/09, 1 BvL 4/09 43/95, 32/91, 26/93 , , , 85, 86 87.

    85 . ,

    , . . 1/2010, . 2.

  • 21

    . , , pari-passu 199086.

    22 2003, - 13%87.

    , .

    , : , , : , , , . , ;

    , , : , 119% , 2013, , 150% 177% 88, () 89.

    , 90, ,

    86 . S. Clavijo, Social Security Reforms in Colombia: Striking Demographic

    and Fiscal Balances, International Monetary Fund Paper , WP/09/58 2009. 87

    IMF, Lessons from the Crisis in Argentina, Prepared by the Policy Development and Review Department In consultation with the other Departments, approved by Timothy

    Geithner October 8, 2003. 88

    IMF, Greece, Request for Stand-By Arrangement Prepared by the European Department in Consultation with Other Departments, EBS/10/77, Approved by Poul M.

    Thomsen and Martin Muhleisen May 5, 2010 , . 18, 36. 89

    Ibidem. 90

    . . IMF, Greece, Request for Stand-By Arrangement Prepared by the European Department in Consultation

  • 22

    , ! ( , 5% 3%). , . ( ) "" () 91.

    , 100-150 92. , , (, , ) . .

    , , 93: , , . , 25% . ( ). , . , 150 , .

    , . : ,

    with Other Departments, EBS/10/77, . 21. 230% .

    91 . , , 2010,

    http://www.protagon.gr/Default.aspx?tabid=70&smid=382&ArticleID=2121. 92

    , . M. Dickerson, A Politically Viable Approach To Sovereign Debt Restructuring 53 EMORY L.J., 2004.997.

    93 . . , ibidem.

  • 23

    . , , , . .

    , .

    Inter IMF et EU non silent leges.

    Sine leges Res Publica non stat.