IGLP Network Member Maria Panezi is happy to announce the publication of her article “Whose Crisis is it Anyway? Normative Frameworks in the Greek Financial Crisis” in the Ohio Northern University Law Review (August/September 2013).
She presented the main ideas in this article during the June 2013 IGLP Conference in the panel entitled “Social Europe”. “Thanks to the insightful feedback I received, I wrote the article on the Greek Financial crisis curing the summer…” says Maria.
About the Article (written by Maria Panezi):
In this article I outline the events, the actors, the processes and the legal instruments involved in the Greek crisis. I describe the legal frameworks relevant to the Greek financial crisis management, which involves arrangements between Greece, the Eurozone Countries and the IMF. Since its outset in 2010, the events in Greece have been complicated by the presence of three distinct legal frameworks, namely: the Greek domestic legal system; the European Union; and the International Monetary Fund.
Specifically, I examine the IMF’s involvement in the crisis, the EU institutional arrangements and the Greek Constitution along with the numerous crisis-related Greek laws. Following the analysis of the legal instruments adopted, as well as recent case law from the highest Greek administrative Court, which challenges the constitutionality of national legislation implementing the first Memorandum signed between Greece, the EU and IMF, I observe that a common thread exists among all three legal frameworks, namely a fragmented response to the crisis along with a lack of clarity with respect to legal instruments adopted.
Finally, through an analysis of the distinction between austerity and growth, I argue that law should not succumb to economic pressures by responding to crises with emergency legislation instead of regular laws. Allowing a gradual introduction of economic interests in legal design, a translation of financial considerations into legal entitlements, rather than the adoption of a more drastic and immediate set of economically oriented measures will not only assist with exiting the current crisis but will prevent future ones by making their management less challenging at a legal and institutional level.
I hope to further continue to explore the various aspects of the Greek Financial Crisis as it is still unfolding and write on the topic again in the near future.