2015

4 2015
. ,
. Eric Toussaint,
,
. .

,
, ,
, .

:




Maria Lucia Fattorelli
Ozlem Onaran
Michel Husson


Renaud Vivien

:
,

Daniel Albaracin
Olivier Bonfond
Diego Borja
Sergi Cutillas
Raphael Alves Gonclaves



Cephas Lumina

Patrick Saurin

, ,
,
, ,
.
, , ,
, , ,
.

, , ,
, ,
, ,
,
,

, ,
, .

2
3
4


,
2015, . , -
- ,

,
, ,
. . -
, -
: , .
. -
-
, , ,
- . ,
. , -
,
, . ,
, -
. .
, , - , ,
, - -
, , -
. . ,
, ,
2015 . , 2010
,
- .
,
,
(,
conditionalities),
. , ,
.
,
() 2010 2012 -
- -
. , -
- .
, ,
, ,
, - 10%,
. .
-

5
 - , -
. , -
-
, 2010
- .
. -
, -
: (, EFSF),
, , , -
, .
, -
1980
. . , ,
, -
, - .

. - ,
, () , -
, -
, , ()
, -
. ,
, , -
,
. /
. ,

-
, -
.
,
.
. -
2009, ,
. " "
, , -
, -
2009 - -
.
, ,
, - ,
, 2010-2015, , ,
- .
(2010),
- -
, -
. , ,
.
,
, 2015, ,
,
- ,
, , - , -
. , , (-

6
) , ,

, .
. ( -
) - , -
, -
, - , -
, , - ( ,
).
. - -
,
. (Securities Market
Programme, SMP) -
, ,
-
, -
. .
, -
-
(cash-less loans)

, -
-
122(2)
.
(),
, ,
, , . ,
, (Framework Agreement) , 2010,

, , (Master Financial Assistance Agreement) 2012,
, - ,
.
. , ,
, 2015, ,
, -
, .

. ,
.
, ,
.
. ,
, ,
, ,
- . ,
, - , -
. ,
, -
, - . , -
. , , ,
(), - ,
- 2010 2012

7
 ,
,
,
. .
- -
, ,
-
- , -
, ,
(hedge funds), - . ,
. -
, ,
. ,
. , -
(insolvency),
. , ,
- , ,
, - .



.
, ,

.
.

, ,
-
, ,
, ,
.
,
,
, .
.
- ,
,
, -
, 4 2015 -
.
: 1) ,
, -
, ,
, 2) , , -
- .
, -
- ,
, 3) ,
4) ,
(,
5) , (2.37)
, ,
, , ).

8

11

12

14

16

1:
17

2:
23 2010-2015

3:
29 2015

4:
36

5: ()
41

6:
47

7:
57

8: ,
65 ,

9:
73

9
10


2010,
- ,
, .
- , -
, ,
, -
- .
,
.
- , .
,
, , -
, , - , .
(
).
-
-
, .

. ,
, -
, - , , ()
, - .
, . , : -
, , ,
, - 1980 2015.
-
- . -
. ,
. , 2010
, . -
- ()
, . ,
,
, -
, - , .
.

.
, -
, 4 2015, -
, - , , ()
. -
, 4-7 2015.
, , -
-
,
, - ,
. , ,

,
, , .

11



.


, 2012 -
-
(United

Nations Guiding Principles on Foreign Debt and Human
.
Rights, A/HRC/20/23),
, ,

. , -
, ,
, .

. -
,
. ,

. , ,
,
, - .
.
-
-


(EU) 472/2013
, -

- .
, , .
21 ,
2013 (. , Eric Toussaint -
7, . 9), . , -

-- .
-
.
- , -
,
, , -
, , -
, -
,
, , .
-
, .
. , -
,
, . ,
, .

12
 (
, , . , -
, ).
, ,

. , -
, ,
.
.
,
-
- ,
-
, , - .
, -
. ,
-
, , () . ,
.

2016.
-
. ,


.
-

1980 2015. -
, , -

-
, -

.
.

,

,

17-18
1980 2015. -
2015, -
, 2010
. 2015.
, - ,

- .
1980 2010,
. ,
, ,
, -
-
. .

13

17-18 2015

-
. , ,
- :
,
.

, -
, , , -
,
- , ,
. ,
, , , , ,
- -
. , - , ,
. - ,
-
, , ,
. - , -
() ,
, .
,
,
.
(
,
, , -
- )
. (-
,
)

.

- ()

,
.
, -
,
(
.
, ,
.
)
, , -
, , , , .
- , , -
, , , .
, .
Eurostat, -

, , , -
, - -
, , . -
,
, - , , ,
, , . -
. -

.

, , - ( ). -
,
( ,
2012) -
, . . .

14
15

: ANFA: Agreement on Net Financial Assets
.: AMECO: Annual macro-economic database
.: of European Commission
: BIS: Bank of International Settlement
: CDS: Credit Default Swap
: CPN: Coupon
: EA: Euro Area
: EC: European Commission
: ECOFIN: Economic and Financial Affairs Council
: , EFF: Extended Fund Facility
ESA: European System of National and Regional
: Accounts
EU: European Union
: FRN: Floating Rate Note
: IMF: International Monetary Fund
KfW: Kreditanstalt fr Wiederaufbau
: (Reconstruction Credit Institute)
: OMT: Outright Monetary Transactions
: PSI: Private Sector Involvement
: SBA: Stand-by Arrangement /
:
SDRs: Special Drawing Rights/
: (
)
: SMP: Securities Market Programme
: UNHCR: United Nations High Commissioner
: for Refugees
:

:
:
:
:

:
:

..:
.:
.:
:
:
.:
:

:

:
.:
:

16
 1

2009 - &
. .
-
74,1% 2001
1980 . 129,1% 2009,
: ,
.
-
2009, -
.
.
- 1.
1980-1993.
-

(snowball effect) -
1981-2009
. ( 1.1):

1.1
1980-2007.
-
1980-2009
.
( ) 130
, 120
. 110
40 100
1995 2009.
90

80

- 70
, 60
, - 50
(- 40
),
30
.
20
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
1995 2009
. : AMECO (
)
,
30 1981-1993:
2003-2009. , - 1981, -
, , 25% 91% .

17
 1.2

30
( )

20
-


10

0
:
AMECO (
)
-10
1980 1985 1990 1995 2000 2005

1993 - 2007: 70,4 :

, 91% 103% 40,6
. - , -
2001 22,4
100% 7,4.
3%, 1993-2007,
2004.1
2007-2009: 103% ,
113%, , 2 - .
, 127% ,
1.1
300 .

:
,
1980- 1993-

1993 2007
( )
.
70,4 11,9
. , :
- , -
40,6 13,5
-
. 22,4 -25,1

, 1.2, - 7,4 23,5

.
:
: 1. 2007
( %
) 1980-1993.
- ( % ) 2.
(snowball effect , -
% ), -
.
3.
. ,
1.1 - .
-
. 1.3: 1980-2007 -
1980-1993, 82,3

18
 . ,
(65,6%) - ,
, (33,4%) - ,
, 2007.
. -
40
1.3
.3 -
-
( % ) 1980 - 2007
110 .4 -
+
100
+28,3
, ,
90
pp
+29,8
80
pp 5.
70
60
2010 -

50
,
+40,6 +54,0
40
pp pp

30 6
20
.
1980 1985 1990 1995 2000 2005 -

- -
, (- . -
) 1999 ,
. - 34%
- ,
. 40%.

1.4 1.5

(1995-2005)
54 46
52 44
50 42
48 40
46 38
44 36
42 34
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
32
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(% ) Eurostat COFOG
EA-11 ( 11 ) -
Eurostat COFOG
, ( % )
-11
(18 )
Eurostat COFOG

: EUROSTAT COFOG ( -18
) ESA 95 ( - 1995)

-18
1995 2009, -
: EUROSTAT -

( 48% - -11 48,4%).
-
1.5, -
,
3% , 1,4% -
. : -
-

19
 . , -
15% ( ).
- , -
, 30 .
, - -
7 , ,
, 29,4 ( )
2009.8 40 2009.
-

88 1.2
.9
- ( )
, (77,5%),10 -
, 2003
2003 2004 2005 2006 2007 2008 2009
. -2009
41,2 31,8 0,0 33,0 53,1 2,8 40,5 202,5
,
. : GLOBAL FINANCIAL INTEGRITY14

3.
( ) 75
.
(2001)

, 2001
.
40% 25%. -
, 2000 -
4,1% ( 3% - -
18), 2005 . ,
18
(2,5%), 1,1% 2012. . -

2. : , Leopards
Siemens.
1.6
LuxLeaks11 -
-


. Babcock &
( )
Brown, BAWAG, Bluehouse, Coca Cola HBC, Damma
Holdings, Eurobank, Macquarie Group, Olayan 5
Investments Company Establishment Weather
Investments. 0

. -5

Global Financial Integrity,12 - -10
(), -

-15


. -20

, -25

.13 , -30
2003 2009 - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
200 . :
-

20
 1.9

(ultimate risk basis, )

160
140

120

100
80
60
40
20
0
. 05

. 06

. 07

. 08

. 09

. 10

. 11

. 12

. 13

. 14
: CONSOLIDATE ULTIMATE RISK BASIS

1.7 .

2000 . -
( ) ,
16 40 ,
,
14 35
74,1% 2001
12 30
129,1% 2009.15
10 25
8 20 1.8

6 15
4 10
2 5 ( . )
0 0 300
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
250
Germany France Netherlands
EU28 intra 200

150
: EUROSTAT - CN8
100

4. 50

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
:
2001 -
-
, 2009, -
,

, - .
, , . ( -
, )
, - (140 ), 45%
, - , 16% 39%
, .16
. - 2009 -
,

21
 1.10
( )
UK
140
US
120 ES
PT
100
NL
80 IT
IE
60
DE
40 FR
BE
20
AT
0
.09 .11 .12 .13 .14 .14
: CONSOLIDATED ULTIMATE RISK BASIS

.17 , , -
swaps Goldman Sachs
.
3. Bank of Greece, 2014. Annual Report 2013. http://goo.gl/tVICPO
. ,
4. SIPRI Military Expenditure Database - www.sipri.org, (
,
. ), http://www.sipri.org/research/armaments/milex/milex_
database http://armstrade.sipri.org/armstrade/page/values.php
, - 5. ..
45,4 6. , , -
2009 23,9 2011.18 ( PATRIOT F-16),
, - , -
. . , 2012, .
2009,
! OnAlert.gr. http://goo.gl/DCrW4v
7. , 110.000
(. , 5%
). . ,
2015. . http://goo.gl/Y3rCu1
CDS , , 8. , 76 .
9 . , 19.02.2015. http://goo.gl/42r6iO
9. -

.
. Eurostat COFOG
( ) ESA 95 ( -
, - 1995)
, 2010, - 10. .., . 7.
11. International Consortium of Investigate Journalists (CIJ), 2015.
, Explore the Documents: Luxembourg Leaks Database. http://goo.gl/
r707T4
. 12. GFI, 2015. Global Financial Integrity. www.gfintegrity.org
13. Economist Intelligence Unit, 2010. Country Report: Greece.

OECD, 2009. OECD Economic Surveys GREECE. http://goo.gl/v23QuX,
. , 2010. 2009/10.
14. .. . 12.
: 15. OECD, 2015. OECD Statistics. http://goo.gl/i4sQSY
. 16. BIS, 2010. Statistical Annex - June Quarterly Review. http://
goo.gl/s4haRg
1. swaps Goldman Sachs 17. BNP, Socit Gnrale, Crdit
- Agricole ( ),
, Commerzbank, Baden Bank, Postbank, DZ Bank ,
. , , ,
2. EFG Eurobank, Hellenic Postbank Alphabank .
, - 18. , 2015. ,
. http://goo.gl/JW85TX

22
 2:

2010-2015

,
2008, !.
. , -
- 700
, 2010, 110 , . ,
- -
. (. 1)
.
, -
-
. .
,
, ,
, , -
. 2008
, ,
130 -
53,5% 28 . , 5
,
. - .
(PSI) -
, 16,2 2.1
. - 10
,
14,5 . - A 10
,
, - 5,6
- 5,4
(sweeteners).
5,2

, - 5,0
, 4,8
.
4,6
1. 2009 2010
4,4
4 2009 -
4,2
1/1/2008 4/1/2008 7/1/2008 10/1/2008 1/1/2009
, 43,92%
. : ()

23
 1

4 -
2009, 2010,
-
, , - 2008
. - . ,
,
, ()
.
. .1
: , 2010,

(3/2/2010)2
, Eurostat -
-
2009. - 2,5 ,

11,9%, 1,8 . ,
, 15,8% 2,3
. , -
- 2
- 2009, 6,6 ,
-
- 1,2
. 6,6 .
, - 5,4 -
, - -
-
. 2009, .
,
- , -
,
. ESA95 (. ESA95 . 3.06, . 2516/2000 -
2009 - 2, .
- 995/2001), -
2005-2008, (European Statistics
. 2 2009, Code of Practice), ,
Eurostat, , -
() .
Eurostat - -
. - , -
-
, 2,3 , 30%
, , 2005-2008. , -
. 21 2009,
2,5
. ,
4,8 . .3
, -

. -
21 2009, 17
2,5 - (). 4 Eurostat, -
2008 - 17 - -
2,3 . , -
2010, 2009

24
18,2 . .
-- 2.1, -
-
Eurostat. - ,


ESA95 2000 2010. 2010.
, 2009 2010,
- -
. , ( )

.
-
, -


.

-
. ,
, -

,
ESA95.

, -
.
.5
, -
-
(swaps) .
Goldman Sachs -
-
2009 2010,
,
Goldman . -
Sachs. -
21 23 -
.
2006 - 2009. ,

- 25 2010. ,
. -
,

,
2010, :
2009 6 8 -
. , - , -
28 .
1990 2008.
.
-
.
, .

2010, - .
()
25
. -
-

,
.
2010 (. 2.1).
-
- ,
. .

25
 2.1 , -


2009-2010 -
-

( )

( )

( )

CPN
.
-
10 11 .2009 19 . 09 6,00% 7.5 11,7 7,5

5 7 . 09 20 . 14 5,50% 7 10,5 7

3 5 09 20 . 12 4,30% 7.5 13,8 7,5
10 10 . 09 19 . 09 6,00% 8 20,6 8

5 2 . 10 20 . 15 6,10% 8 25 8 -
10 11 . 10 19 . 20 6,25% 5 16,145 5 -

,
.
. -
60 , 35
2. 2010 .
- -
110 (80 -
30
) .8 ,
, ,
().6 , , -
, -
: , - , .
,
. 3. 2010
, 2012
,
. ,
.7 -

2.2 299 355 2009
2011. 18,78%.
-
.

2009, ,

- . -
%11
91,1% 2009 70,5% 2011. -
-
,
5,2% 25,3%.9
32 %
36% 2010 2011,
( 4,9% 7,2% )
-
( -

). ,
21
% -
.

2011 ,
-
: ,
. 26

26
2011, (sweeteners) .
, - PSI
130 , - -
109 ( -
, 2011. , ,
, -
- , ..) , -

50%. ( -
, )
(PSI),
. .
-
4. 2012 -
(PSI) . 2013, -
PSI
,
. .

9 2012, - 5. 2012 2015
-
. 2012,
106 2012 -
. , .
, - , 34 -
,
130 , - (hedge funds) -
48 .11 , Third Point,
. - , 500
-
17 .
. (2010-2014) -
2012, -
, . ,
- 299,69 (129,7% ) 317,94
(177,1% ). , -
, . 91,12%
PSI - 20,69% (2011-2014),
-- 5,21% 73,06% (2009-2014). -
. , , -
- ()
16,2 . 68,4% .
, , -
14,5 ( 21 , -
). , 2015, -
, - .
,
.
-
. .12
15.000
, , , -
- -
-
. 2007. ,
, 65% 79,8%
17 , 78,8% 105,3%
PSI.10 68,6% 94%
(2008-2014).13 -
PSI , -
, , 2007,
, .

27
 1. European Commission, 2010, REPORT ON GREEK
GOVERNMENT DEFICIT AND DEBT STATISTICS. http://goo.
gl/RxJ1eq
2. , 2010,
.
3. , 2010.
.
4. 2010
,
(), (
).
5.
, , :

. 50%
ESA95 (. 3.47 3.48) -
. -

. ESA95 (. 6.04)
.
. ESA95

( ) -
-
. ESA95

.
6.
. , -
().
,
, , , -

. ,
,
,
.
https://w w w.ecb.europa.eu/press/key/date/2010/html/
sp100429.en.html
7. IMF, 2010. Greece: Staff Report on Request for Stand-
By Arrangement, IMF Country Report No. 10/110. http://goo.
gl/ErBW0Q
8. Blustein, P., 2015. LAID LOW THE IMF, he urozone
and the first rescue of reece, CIGI PAPERS NO. 61 APRIL
2015. : https://goo.gl/lvRKFE Bastain, C.,
2012. Saving Europe: How National Politics Nearly Destroyed
the Euro, Washington DC: Brookings Institution Press. http://
goo.gl/HyV22X
9.
.
10. . 2014 -: -
-
, 5 , Huffingtonpost GR. http://goo.gl/hQcjBp
11. Armitstead, L., 2012. Dan Loebs Third Point hedge
fund makes $500m profit from Greek bonds. The Telegraph.
http://goo.gl/cwI7yJ
12. The Eiffel Group and the Glienicker Group, 2015. Giving
Greece a chance | the Eiffel Group and the Glienicker Group
at Bruegel.org. Bruegel. http://goo.gl/DlACRo
13. IMF, 2015. FISCAL MONITORNOW IS THE TIME
FISCAL POLICIES FOR SUSTAINABLE GROWTH. http://goo.
gl/0CVwFw

28
 3

2015

- 3.2
-
-
, 30/04/152
.
, - . %
,
- - 14.943,9 4,8%

,
(), , - 39.380,1 12,6%
.
, -
, 7.309,3 2,3%
. (ANFA)
-

. 10% 19.874,1 6,4%
(SMP)
-
.
4.265,0 1,4%

3.1 1

7.094,5 2,3%
2010-2015 ()

%
5.081,0 1,6%

243,2 100,0%
130.909,1 41,9%
(
112,5 46,3%
)
- 52.900,0 16,9%

48,2 19,8%

20.634,6 6,6%
PSI 34,5 14,2%
23,4 9,6%
10.286,9 3,3%
(REPOS)

24,6 10,1%
312.678,5

29
1. -
, -
9
.10 ,
2010 .
.
52,9 .3

3.3 : 2010 2011,
86%
.11 -

(. ) , -
.12
(KfW) 15.165,3 2.
11.388,6
10.007,5 ()
6.649,9 -
()
3.193,7 2010 -
1.942,5 .13 , -
,
1.555,0
-
1.102,4 .
1.004,0 -

347,4
. -
243,5 440,00 2010
779,78 2011.14 2013 , -
139,9
, -
109,6 ,
50,6 724,47 ,
.15
52.899,9 ,
-
- , .
(ntercreditor Agreement)
().
(Loan Facility Agreement), 141,8
. , 27 -
2015 10,9 130,9 -
- .16 , 108,2
[ ] - (76,3%) 2012, 25,3
.4 (17,8%) 2013 8,3 (5.9%) 2014.
, -
- 2,614 2054.
2012.5
. :
3 Euribor 300 - 10 -
.6 .
Euribor 1,609%, 50 .
2011,7
4,6%. , ,
, - ,
- .
.8 9, 17 -
Euribor 50 , 2012 2014 740
- .18
. PSI ,
- 2014
- 2023.
. -
.19 -
Eurogroup, . , - :

30
 34,6 PSI, -
11,3 - .
37,3 ,
. -
.30
. -
65,4% ,
.20 - , -
,
. , , -
- -
, .31
, , . -
,
3. ()
- , .
-
- -
.21 , ,
,
. .
,
-
-


2010.22 -
-
, . Lipsky, (SBA) ,32 -

- .33

.23 -
SBA 3.212% ,
.24
.34
( 2010 2015),
3
25 2010 - .35 -
(
, - (SDRs)
.25 , 100 ), 200
- -
.27 , 300%
- , 300
, 300%
,28 - -
50
() .
29 - 2014 -

3.4

( ), 2014

SBA 9/05/2010 14/03/2012 20,1 9,1

EFF 15/03/2012 14/03/2016 11,9 0

: , ,
.

31
 23,9 .36
-
, .

. ()
4.
() -
,
-
- ,
2010 .
(Securities Markets Programme, SMP). 14 2010 -
, SMP :
2010 2012, -
- .
210 ,
, , ,
.37 29
2015 138,1 ,38 , -
27 .39 ,
-

, -
, - -
2015 27 . (...) -
. , ,
-
, . -
6,7
- .41
2015 23 31 2010
. , ,
-
:
,
-
, . -
,
. (...)
2010 2012,
- ,
(OMT). -
, . -

. ,
: - -
.42

- -
.40 , SMP
, ,
, - (
). ,43
. 40
, - 55 , ,
2010 2012, - , -
SMP ,
, .
,
,
440 . - .

32
 . , -
, , ()
.
2014 ()
298 , ( -
40% 728 ) ()

SMP. (
- )
12% .44 .48
3.5
2012
2012,
SMP 53,5%
( 2015)45
. -

52% -

20% .
12% -
10% .49
6% 5.
-
-
.50 -
SMP, -
2012
- -
SMP , - .51
.45
2
.46 , -
, -
, . -
SMP - , Poul
. Thomsen, -

, -
, .52


-
. (...) ,

-
SBA
-
,
SMP,


3.6

,
2008 2009 2010 2011 2012-2014 TOTAL

3,77 2,53 37,3 43,6

1,5 26,68 56,3 84,48

0,47 4,26 6,9 6,64 18,27

0,47 9,53 33,58 65,47 37,3 146,35
: 53

33
 of June 2011) Act 2011, 2011.
[ ].54 : 15. ESM, 2013, Newsletter Update May 2013, http://goo.gl/
sWpEBG
, 16. ESM, 2015. Lending Operations, [http://goo.gl/S7cZb6]
, - 17. European Commission, 2012. Authorization for Pre-Funding
and Indemnity Agreement.

18. , 2014. 2013 . 100.
.
19. Yiannis Mouzakis, Where Did All the Money Go?, 2015, http://

goo.gl/znxCzV
-
20. EFSF and ESM, 2015. Investors Presentation, http://goo.
gl/z1qYXt
21. European Parliament, 2014. Report on the enquiry on the
.55 role and operations of the Troika (ECB, Commission and IMF) with
regard to the euro area programme countries - A7-0149/2014.
PSI http://goo.gl/knvBol IMF, 2013. Greece: Ex Post Evaluation of
Exceptional Access under the 2010 Stand-By Arrangement, IMF
Country Report No. 13/156. [http://www.imf.org/external/pubs/
205,5 , - ft/scr/2013/cr13156.pdf]
199,2 .
, .
, - 22.
- (
(hold outs) 2012)
, (
. -
. ),
(vulture funds).56 15 2012 15 2010.
2015 23. ..
3,615 , 24. IMF, Greece: Staff Report on Request for Stand-By Arrange-
4,3%. ment, IMF Country Report No. 10/110, 2010, http://goo.gl/ErBW0Q
25. , ., 2012. ,
.
. .
1. European Financial Stability Facility (EFSF), 2015, http://goo.
gl/6487cS 26.
(
IMF, 2014, Greece: Fifth Review Under the Extended Arrange-
2012)
ment Under the Extended Fund Facility, IMF Country Report No.
:
14/151 https://goo.gl/jhUCjr
.
IMF, 2013. Greece: First and Second Reviews Under the Extend-
,
ed Arrangement Under the Extended Fund Facility, IMF Country , 25 2010.
Report No.13/20. https://goo.gl/haP8Nz
27.
IMF, 2013. Greece: Fourth Review Under the Extended Arrange- (
ment Under the Extended Fund Facility, IMF Country Report No. 2012)
13/241 http://goo.gl/euxjQD -
2. , 160/30-4-2015, 11 SBA, 9 10 2010, .
2015. 28. IMF, 2011. Greece: Fourth Review Under the Stand-By Ar-
3. European Commission, The Second Economic Adjustment rangement, IMF Country Report No. 11/175. http://goo.gl/l3GTzJ.
Programme for Greece, Occasional Paper 94, March 2012, 2012, IMF, 2010. Greece: First Review Under the Stand-By Arrangement,
http://goo.gl/k7IpXL IMF Country Report No. 10/286. https://goo.gl/HAZpB7. IMF, 2013.
4. European Commission, The Economic Adjustment Programme Greece: First and Second Reviews Under the Extended Arrange-
for Greece First Review, summer 2010, http://goo.gl/7UfDE5 ment Under the Extended Fund Facility, IMF Country Report No.
5. European Commission, The Second Economic Adjustment 13/20. https://goo.gl/haP8Nz. IMF, 2013. Greece: Third Review Un-
Programme for Greece, Occasional Paper 94, March 2012. http:// der the Extended Arrangement Under the Extended Fund Facility,
goo.gl/k7IpXL IMF Country Report No. 13/153. https://goo.gl/qIFPdu. IMF, 2013.
6. .. Greece: Fourth Review Under the Extended Arrangement Under
the Extended Fund Facility, IMF Country Report No. 13/241. http://
7. Euribor Rates, Euribor Data Base, 2015, http://goo.gl/pHeAyp
goo.gl/euxjQD. IMF, 2014. Greece Fifth Review under the Extend-
8. Darvas, Z. & Huttl, P., 2015. How to Reduce the Greek Debt ed Arrangement under the Extended Fund Facility, IMF Country
Burden? Bruegel. http://goo.gl/6ul9Rs Report No. 14/151. https://goo.gl/jhUCjr
9. As agreed in the Euro Area Loan Facility (Amendment of June 29. IMF, Conditionality in Fund-Supported ProgramsPur-
2011) Act 2011. .29; Euro Area Loan Facility (Amendment of Feb- poses, Modalities, and Options for Reform, 2009, http://goo.gl/
ruary 2012) Act 2012, 7 and Euro Area Loan Facility (Amendment XwC2yJ
of December 2012) Act 2013, p.8
30. IMF, 2011. Greece: Fourth Review Under the Stand-By Ar-
10. 20minutes.fr, Le FMI et lEurogroupe Trouvent Un Accord rangement, IMF Country Report No. 11/175. http://goo.gl/l3GTzJ
Sur La Dette Grecque, 2012, http://goo.gl/enFdTx
31. IMF, 2014, BP/14/05, IEO Background Paper Independent
11. European Commission, 2011. The Economic Adjustment Pro- Evaluation Office of the International Monetary Fund IMF Fore-
gramme for Greece Fifth Review. http://goo.gl/Ik68Dh casts in the Context of Program Countries, Washington DC, http://
12. .. .5 goo.gl/0JBeI5
13. European Commission, 2010, European Financial Stability 32. IMF, 2010, Selected Decisions and Selected Documents of
Facility Act 20, http://goo.gl/OB-3phe the International Monetary Fund, Thirty-Fifth Issue. Washington,
14. European Commission, Euro Area Loan Facility (Amendment D.C. http://goo.gl/qrKHdr

34
 33.
(
2012)
-
SBA, 9 10 2010, .
34. IMF, 2010, Country SBA request CR. 10/110, Washington
DC http://goo.gl/ErBW0Q
35. IMF, Member Financial Data, 2015, http://goo.gl/CsA0Vt
36. , , .
,

.
37. (14
2010) .
38. ECB, 2015. ECB: Statistics. https://goo.gl/FIWkB3
39. 18,1 ,
, 19,8
. 7
,
().
40. IMF (2013) IMF Country report No. 13/156, Washington
DC, http://goo.gl/7CLyBd
41. ECB, 2010. DECISION OF THE EUROPEAN CENTRAL
BANK of 14 May 2010 establishing a securities markets pro-
gramme (ECB/2010/5). https://goo.gl/tX9l4Y
42. ECB, 2010. The ECBs response to the recent tensions in
financial markets, Vienna, 31 May 2010. https://goo.gl/cq6hts
43. Financial Times, 2012. ECB moves to help fund Greece
bail-out. Financial Times. http://goo.gl/zKhZc4
44. ECB, 2015. Financial statements of the ECB for 2014.
https://goo.gl/PxFkvV
45. ..
46. Eurogroup, 2012. Eurogroup statement on Greece, 27
November 2012. http://goo.gl/pUWLeX
47. .
, ,
. Bloomberg, Varoufakis Counts
on ECB to Avoid Greek Default in March. Bloomberg. http://goo.
gl/zQ7hhH
48. ECB, 2013. Mario DRAGHI letter to Mr Lim Hoang Ngoc,
12 March 2013. http://goo.gl/WpiQfn
49. Official Journal of the European Union, 2012. PROTOCOL
(No 4) ON THE STATUTE OF THE EUROPEAN SYSTEM OF CEN-
TRAL BANKS AND OF THE EUROPEAN CENTRAL BANK. https://
goo.gl/tfb3od
50. European Parliament, 2014. Report on the enquiry on
the role and operations of the Troika (ECB, Commission and
IMF) with regard to the euro area programme countries - A7-
0149/2014 http://goo.gl/knvBol
51. Libration, 2015. Libration, Monday 11 May 2015, . 11.
Libration. http://www.liberation.fr/
52.
(
2012)
, IMF, Strictly Confidential May 2 2010 In-
formal Restricted Briefing on Greece, Office Memorandum.
53. European Commission, 2015. Scoreboard - Data on State
aid expenditure. http://goo.gl/pMcKxS
54.
(
2012)
: IMF, Strictly Confidential, May 2 2010, In-
formal restricted briefing on Greece, Office Memorandum.
55. European Parliament, 2014. Report on the enquiry on
the role and operations of the Troika (ECB, Commission and
IMF) with regard to the euro area programme countries - A7-
0149/2014. http://goo.gl/knvBol
56. Laskaridis, C., 2014. Greece: Europes worst success story.
In T. Philips, ed. Europe on the Brink. London: Zed Books.

35
 4

1.
2010
, -

1
,

20103 -
2 - -
,
. -
,


,
.
.
, - 1.1.

- ,
(E) : (Assignment
. Agreement). , -
4 -
- , -
.
(
, ).
, , -
5
,
, KfW -
. - . ,

. .6 ,
- -

. , -

36
 - -
.
() 2012 2013, -
1.2
:
,
, 1. -
,11 -
. - (FRN EU000A1G0AL3), -
.7 12

4.1 .13
2. 14 -
, -
(), -
- , 15 .
3.
16 , -
Q1 2010 Q4 2014 -
.
4. -
200.006 36.109
(
12.915 226.784 -FRN), -

.
2. 5. 17

() , -
, , .
2012 -
8 - 2.1.1.
, -
, - ,
. -
() . -
, ,
- .
, ,
2.2 2
.
PSI
9
PSI18
-

:10

2.1 1 .
- :
1. PSI
- 30 .19

4.2






30.000.000.000

35.000.000.000


5.500.000.000


23.000.000.000

37
 - -
, .28
. 3.
2. Wilmington Trust (London) Limited20
.29
- 4.
21 30

70 , -
. ,
3. PSI , .31
,22 5.

. .32
4. 23 - 6. .
,
2.3.1
, -
.

2.2.1 PSI
- -
,
PSI .
,
. 3.
PSI

-

.

PSI : . -
,
-
.
T - .
, -
. -
N ,
,
, , -
.
.
:
2.3. 3 1. , -
, .33
2.
24 -
, ,34
:
- , -
, ,
PSI.25
, -
:

,
, ,
-

26
-


.
,
: -
1.
- -
.27 ,
2. EKT -

38
 .
3.
, -
,
- .
39
4. -
.40

-
.35

,
.
, -
, -
1. European Commission, 2010. Extraordinary Council
, meeting Economic and Financial Affairs Brussels, 9/10 May
. 2010. http://goo.gl/BSggqk
2. European Commission, 2010. Statement by the Heads
. of State or Government of the European Union. http://goo.
gl/QeiwVu
3.1
3.
.
. 4. , 6 - -
- -
13.
. 5. , (7)
3, 7 (3).
4. 6. , 6 (2).
7. , -
- .
, , 8. ,
, - 2012. ,
. 12 -
- 2012.
183,9 9.
, 1
, -
2012. -
. , (5) (6).
- 10. , -
, (1).
11. , -
. (2).
, 12. , 2012 -
: , - 21/07/2010 31/12/2011.
, - 13. EFSF FRN
19/04/2018 - EU000A1G0AL3. : -
, ,
, https://goo.gl/h24j7H.
ISIN EU000A1G0AL3 -
- (2012)
,36 , 21/07/2010 31/12/2011 . . 31, 32.
. 14. ,
1, 7 . 8
8ii.
. 15. : ,
2 -
-
- .
. 16. ,
1, 5 (5).
- 17.
- 5 (1) (e) 5 (4) (6).
Cleary, Gottlieb 18.
Steen & Hamilton37 5 (2) (g) , -
2 (2) 1, .
- 19. : , -
1 (b).
.38 , , -
.
- .
, 3 (4) (5).
- 20. , (A) and -

39
 1 .
.
, -
,
. -

.
21. , 1.
(6).
22. , 3
(6) (a), (b) (c).
23. , -
(6).
24. : ,
1 (b).
25. ,
2015.
26. .
27. : ,
4 (3) (ii) -
, (5) (ii).
28. , -
(5) (ii).
29. : ,
4 (3) (4) (5) (ii).
30. : ,
1 (b) DBB Installment.
31. : ,
6 (2) (a) (iii).
32. : ,
5 (ii) C.
33. ,
1 .
34. -
, -

. -
. 44.
35. : ,
7 (iv) and (v).
36. ,
14 (1).
37. Olmos A, Los assessores del fraude de la Deuda,
Cleary, Gottlieb, Steen and Hamilton. http://goo.gl/2VBalv
38. : ,
4 (2).
39. Internal Auditing Commission for Public Credit of
Ecuador, 2007. Final Report of the Integral Auditing of the
Ecuadorian Debt http://goo.gl/AymXZL
40. Fatorelli, M.L., 2013. Citizen Public Debt Audit
Experiences and methods. CADTM. http://goo.gl/uy4ouB

40
 5

()

- ) -
- .
. -
- . , -
2010. - ,
(-1,5%), 2009-2014 , .
22%. -
- ,
,
. , - .
- : 2009-10, -
,
- .1
. 2013,
() - -
, ,
, . 2
, -
. , - ,
- .
/ .
- 1.

. - 2010,
-
, , (SBA)3
- -
. .
( , 1,5%, 2009 2014 (-
, , , -4,0% 2010, -2,6% 2011, +1,1% 2012
/ +2,1% 2013 2014). ,

41
 5.1

0 , ,
%
-5 ,
, %
-10 ,
, %
200
-15 /, ,
150

100 /, ,

50
/, ,
0
2007 2008 2009 2010 2011 2012 2013 2014

: ,
.
: GECHERT AND RANNENBERG, 2015

, 22% . ,
- , .9 -
, .
,
9 2010, -
,
- -
.4 - ,10

.
, , -
: -
- . 2010, -
, , -
2012
, - , 2013.11
.
, ,
, , -

() - -
.
, -
.

ad hoc - .12
,5 -
: 2.


.6 -
2010, :
- 65%
2014, 2008, -
.7 2011, - 7%.13
, Olivier Blanchard,
8 ,
,
2013, , 3,6% 2007, 4,9% 2013 4,8%

42
 5.1

, , , /

, **

-
,

/

-
( ,

**
, **
(%)*
(%)*

, **

**
%)**

(%)*
5 (3* 7 (3 8
1 2 3 4 6 9
4/100) * 6/100) (5+7)
2010 60,090
2011 59,828 -0,242 -0,552 35,526 -0,196 0,196 0,444
2012 57,697 -1,967 -4,088 37,065 -1,515 2,737 0,005 1,521 3,833
2013 55,078 -2,418 -4,590 36,821 -1,690 2,386 0,036 1,726 7,798

* AMECO ECOFIN.
** Onaran & Obst 2015,
Onaran & Galanis 2012.

2014. , 4.
-
()
73,5% 2006-2010, 65%
2013 67,7% 2014.14
, , - Hans Boeckler
. 2007, , , -
, ,
, 25% .17 ,
. ,
- 2014 -
8,1 (. -
,
5.1). ,
-
, ,
.

, ,
2014 37,1
. .
-
3. , -
, -
,
2014. .18
. New Deal ,19 -
, , 19,8
,
, . -


300.000
,15
, 20 -


: - ,
24% 2008, ,
. , .

- 5.
36% . -
(-
:
- )

,
.16 ,

43
 , 7,8 .
,
17,2% 2014, 2009. (27%) /
.
60,1% 2010, 55,1% 2013, 5 -
, . , ,
- , -

, , , /. ,
, / , ' .
, . -
- ,
- , , , -
, 21 .
, 1 -
, 6.
, ,
,
. 22 1

.
0,92%. , ,
23 -
- .
. / 177,1%
5.1, 2014, 139,4% 2019, 37,5%.
, - -
/ 27,3%,
5.2
1%


-
-
/

% -
/

/*

/*

/*
/*

A B C D E=(C-D) F=A+B+E G H=F*G

-0,564 0 0,099 0 0,099 -0,465 1,984 -0,923

* .
: ONARAN & OBST 2015. ONARAN & GALANIS 2012

44
 5.2 7.

-
.
, , -
15
, /
.
,
10 ,
( ).
-
, -
5
.
,
, , , .
0
2015 2019 2023
1. OECD, 2013. OECD Economic Surveys GREECE, http://
: THE ECONOMIST, HTTP://GOO.GL/5O330Q goo.gl/ZAnL0z
2. IMF, 2013. Greece: Ex Post Evaluation of Exceptional
Access under the 2010 Stand-By Arrangement, IMF Country
19,9%. Report No. 13/156. http://goo.gl/7CLyBd
3. IMF, 2010. Greece: Staff Report on Request for Stand-
. , - By Arrangement, IMF Country Report No. 10/110. http://goo.
, gl/ErBW0Q
25 , 4.
. , - (
2012) -
,
, . ,
- IMF, Strictly Confidential, May 2 2010, Informal restricted.
. - Board meeting on Greeces request for an SBA (
, 24 -
- ) 9 2010.
25: 1. 5.
Alberto Alesina. . Alesina A. (2010) Fiscal adjustments:
. 2.
lessons from recent history, , 2010, -
- Ecofin.
, 6. Libration, 2010. Jean-Claude Trichet, Interview with
. 3. - Libration. Libration. Available at: https://goo.gl/cAvABU
, - 7. IMF, 2010. Will It Hurt? Macroeconomic Effects of Fiscal
Consolidation. World Economic Outlook. http://goo.gl/ZtpTlN
. 4. 8. Blanchard, O., 2011. 2011 In Review: Four Hard Truths.
- MF direct. http://goo.gl/t8aqLF
( ). 9. The fiscal multiplier is the ratio of a change in GDP to
the change in government spending. Blanchard, O. & Leigh,
- D., 2013. Growth Forecast Errors and Fiscal Multipliers. IMF
2015 Working Paper. https://goo.gl/bpkw1W
2016 , 2019 10. IMF, 2011. Articles of Agreement of the International
2023, (- Monetary Fund. http://goo.gl/EqPkYl Art. I ii) and v)
5.2). 11. IMF, 2010. Greece: Staff Report on Request for Stand-

45
By Arrangement, IMF Country Report No. 10/110.: http://goo.
gl/ErBW0Q
12. IMF, 2013. Greece: Ex Post Evaluation of Exceptional
Access under the 2010 Stand-By Arrangement, IMF Country
Report No. 13/156 http://goo.gl/7CLyBd
13. : Ameco
14. European Commission, 2015. STATISTICAL ANNEX of
European Economy SPRING 2015. http://goo.gl/ew2xUs
15. . M (2012),
. M. (2014),
,
-

.
. . M. (2012)
;
, . 5,
, , -
, http://goo.gl/4XpL81.
. M. (2014)
: -
, . 28,
, , -
, http://goo.gl/4ZLVMk
16. European Commission, 2013. Labour Costs Pass-
through, Profits and Rebalancing in Vulnerable Member
States, Quarterly Report on the Euro Area, vol. 12, n3. http://
goo.gl/iDaoGG
17. Gechert, S. & Rannenberg, A., 2015. The costs of
Greeces fiscal consolidation, IMK Policy Brief, March. http://
goo.gl/p94nAl [ 12 , 2015].
-


.
18. Argitis, G. & Nikolaidi, M. (2014) The financial fragility
and the crisis of the Greek government sector, International
Review of Applied Economics, http://goo.gl/GWpgGA
19. Papadimitriou D.B., Nikiforos M. & Zezza, G. (2014) Is
Greece Heading For A Recovery? Levy Economics Institute
of Bard College, Strategic Analysis, December, http://goo.gl/
Vlt3Fo
20. Antonopoulos R., Smith A., Kim K., Masterson T. &
Papadimitriou D. B. (2014) After Austerity: Measuring the
Impact of a Job Guarantee Policy for Greece Public Policy
Brief No. 138, Levy Economics Institute of Bard College.
October, http://goo.gl/Tddri4
21. Onaran, . and Galanis, G. (2012) Is aggregate demand
wage-led or profit-led? National and global effects, Conditions
of Work and employment Series No. 40, International Labour
Office, 2012, http://goo.gl/racmXO
22. Onaran, . and Obst, T. (2015), Wage-led growth in the
EU15 Member States: the effects of income distribution on
growth, investment, trade balance, and inflation, Foundation
of European Progressive Studies, http://goo.gl/cR7xF7. See
Table 5.2 in Appendix.
23. IMF (2014), Fifth Review Under The Extended
Arrangement, IMF Country Report No. 14/151, June, available
at: https://goo.gl/B6cAFw; European Commission (2014), The
Second Economic Adjustment Programme for Greece Fourth
Review, April, http://goo.gl/zh35DY
24. Antonin C. Grce: sur la corde raide, Revue de lOFCE
n138, 2015, available at: http://goo.gl/RcVdtt
25. MUNEVAR. D (2014), Public debt: a solution for Greece.
November 9th.

46
 6

47

- ,
, -
, - -
, , -
, , .
.1 , .8
7,3% 27,9%
(2008-2013).9
, 942.625 675.530
. , 2009-2013,10
- 25%.
. 2 , 15% 2013.
64,9%
2013,11 -
, - .
- -
, 12
.3 .13 -
,4 - ,
: , - 470.000 , -
, , , -
. , .14

1.
,

2010 - ,15 ,16
, ,
, -
, - . -

. - ,
, -
- .
. , (-
),
.5 - ( -
( ) .6 )
-
, ( ). ,
, - , -
, ,
. - ,17
-

, - .18
.7 2010
, - .19

48
2.
, 5
,
25
( 2010) - , 24 -
6% . 20 ( 2012) 11,
8% (),
2012, - . -
- ()
1% 21 .
, ( 21(2), 21(3)).
2010 -
, 22 - ,
. 23 -
,
. -
. 24 ,
, -
- .
. 25
3.

, () -
, , .
, -
,
, ,
- -
, , ,
- ,
. 26 2015, . 29
2,5 , - ,
, . 27 2012,
- -
, .30
, 4,37 2010, , -
2 2014. 28 40%, ,31 -
, AIDS, - 60%
, .32


.

. 33
-
25 (12.000 -
(), 12 2014-5).
, - 1.053 1.933 ,
(), 12 2008 2012. 34

49
 . 35 . -
( 22[5]),
- -
, - (, 22, 25), -
. 36 , -
(, 9, 10),
. 37
( 11, 13, 14),

( 18, 23, 26),
()
( 2, 5)
,
(,
, 8[1], 12, 14, 16, 17).
( 14), - ,
(), - -
(), .44
, -
(, 5.
26), , -
(,
13, 14), - -
( 10, 14), . -
( 28, 29, 40), 2012, -
- ,45
( 5), 120.000
16(2) - .46
.
, .46
4. , , -
17.700.47
-
, 2014, 500.000
, -
. - .48
26,1% 201349 -
PSI .50
14,5 38 39 ,51 -
-
- .52 2013,
, 42% -
60%, -
. .54 2012, 73,3% 20-29
, , - ,55 18.902 -
, - 142.000
.40 - .56

.
-
.
- ,
, , .., -
.41
, , 40%, - ( 25[1]), -
45%
, (-
.42 2015, 8,14% -
, 11[1]),
-
,
.43

. -
-
- ,
, - , 4 21(4)
-
- .

50
6. , ,
, (
20[1]). -

,57 - .
(fast track), -
, 1
. 2 3 , - . -
. - -
- -
, ,
- .
.58 .

(, , , ) 8.
.59
-
( 17 () -
) , -
( 24 ).60 . -

,
.
, -
,
, .
, 23,1%
(, 1), ,65 -
( 1), - , 2009-
2012,66 63,3%
- .67
, , 11% 21,5%
(1970) -
2009-2014.68
(UNHRC),
34% -
12.
2013.69 -

7. ,70 -

- , 56,5%.71
-
,61
.62 -

, -
.63
-
.64

-
,
-
. -
,

, -
. -
-
,
.


-
-

51
9. .78 -
,
.79 ,
,80 -
2010, -
- .81
72 - ,

73 - .82
. - (UNHCR)
- -
,
, .83
, - , ,
- .84 -
, -
.74 .85

,

- , -
. 2009 2015, - ,
35 91 ,86 -
.75 -
-
. -
, -
, ,
2013. , -
, ,87

11 2013 . -
7 2013, 47%,88
-
. -
. -


-
, .89

(-
,
20, 23
, 21, 22 , -
8 , 10, 11 ,
5 , 11, 12
), , , - 4 21(1)
( 11, 14). - .
, -
- -
. ,

10. -
,

- ( 25), ( 12)
- (-
, .. - 7).
.76
25 -
.77 1. CEPHAS LUMINA, Foreign expert on the effects of foreign
- debt and other related international financial obligations of
, states on the full enjoyment of all human rights, particularly

52
economic, social and cultural rights, Report of Mission to ( 31).
Greece (2013), (22 27 2013) A/HRC/25/50/Add 17. 22(1),
http://goo.gl/4YY CR2 -
2. (2011) , - POLICIES, D.G.F.I. & AFFAIRS,
, .4. http://goo.gl/ZpKZdS P.D.C.C.R.A.C., 2015. The impact of the crisis on fundamental
3. - rights across Member States of the EU, Country Report on
(2012) : Greece. http://goo.gl/9xzKpW, p.62.
- 18. EUROPEAN COMMISSION, DIRECTORATE-GENERAL
, 2011, , FOR ECONOMIC AND FINANCIAL AFFAIRS (2010) The
2012, .119. Economic Adjustment Programme for Greece,
4. IMF, 2013. Greece Selected Issues: IMF Country Report ( ECDGEFA, 2010), .22.
No 13/155, .18 http://goo.gl/DJrW79
5. 3863/2010, 3979/2011, 3986/2011, 3996/2011, .
4019/2011, 4024/2011 4052/2012. 19. .. , 4(1)
6. (2010), (2011), . . Complaint No. 66/2011,
(2013), (2013), Decision on Merits, 23.5.2013.
(2013) (2014). 20. ECDGEFA, 2010.
7. , - 21. EC, SEAPG, 2012, .60, 139.
, , 22. -
. . 1,8 (23,7%) 2009-2011: Kondilis,
(2013) , - E. et al., 2013. Economic Crisis, Restrictive Policies, and
, , . 565 . the Populations Health and Health Care: The Greek Case.
8. 32%, 426,64 American Journal of Public Health, 103(6), . 973979.
25 , - http://goo.gl/xle6S0
- 23. POLICIES, D.G.F.I. & AFFAIRS, P.D.C.C.R.A.C., 2015. The
, impact of the crisis on fundamental rights across Member
: COUNCIL States of the EU Country Report on Greece. http://goo.
OF EUROPE, COMMITTEE OF gl/9xzKpW, 3.
MINISTERS (2013) Resolution 24. .., 15 . 52.
CM/ResChS(2013)3. General 25. .., .54.
Federation of employees of 26. , 85%
the National Electric Power
Corporation (GENOP-DEI) : LIBE, -
and Confederation of 3, . 41ff.
Greek Civil Servants.
27. , 5.5.2015:
9. Tr ade U nio ns http://www.efsyn.gr/arthro/vivliario-ygeias-gia-25-ekat-
(ADEDY) against Greece, anasfalistoys
Complaint No. 66/2011.
28. POLICIES, D.G.F.I. & AFFAIRS, P.D.C.C.R.A.C., 2015. The
https://goo.gl/b4u63U
impact of the crisis on fundamental rights across Member
10. POLICIES, D.G.F.I. States of the EU Country Report on Greece. http://goo.
& AFFAIRS, P.D.C.C.R.A.C., gl/9xzKpW, 3.
2015. The impact of the
29. POLICIES, D.G.F.I. & AFFAIRS, P.D.C.C.R.A.C., 2015. The
crisis on fundamental
impact of the crisis on fundamental rights across Member
right s across Member
States of the EU Country Report on Greece. http://goo.
States of the EU. Country
gl/9xzKpW, .30.
Report on Greece, -
2015 ( 30. EC, SEAPG, 2012, .116; EC, SEAPG,
LIBE), .83. http://goo.gl/9xzKpW 2014, .76.
31.
11. -
, 2013/14,
(2013)
, .19.

(31.12.2009-31.12.2013), - 32. (2014) Education at a Glance 2014: OECD
LIBE, .60. Indicators, .467468.
12. (2013) : 33. LIBE, .39.
2013, , 8 2013. 34. (2012)
13. 61% ETUCE
, , .1112.
16%: ETUI (2013) Benchmarking Working 35. Ekathimerini, 2013. Schools in northern Greece close
Europe 2013, , .12, 65. https://goo.gl/2QgkeU due to cold weather, no heating http://goo.gl/bSjTkF
14. 36. (2014) 2013,
- .87. http://goo.gl/rmI1z9
, . 37. (2013)
. 2011. / /
15. . A/HRC/23/46/Add.5, . 4. ...
16. , 6, 24001/14-6-2013, .6-7. http://www.synigoros.gr/resources/
- docs/514071.pdf
, . 38. . -
(2013) ,
( 29), , , .107.
( 30) 39.

53
 (PSI) - 60.
,
15.000 . , ( ).
40. OECD, 2013. OECD Public Governance Reviews, Greece: :
Reform of Social Welfare Programmes. http://goo.gl/I1dqOn , -
41. Hellenic Statistical Authority, 2014. Press release , ,
statistics on income and living conditions 2013 (Income , ,
reference period 2012). http://goo.gl/w9lbQp -
,
42. Lumina, C., 2013. Report of the Independent Expert
,
on the effects of foreign debt and other related international
,
financial obligations of States on the full enjoyment of all
, & -
human rights, particularly economic, social and cultural rights,
, , , ,
Cephas Lumina. Report of Mission. http://goo.gl/4YYCR2,
, , , ,
Section V.
, , , , .
43. (2015) , -

, -
2013 261,31
, , .
. ,

Eurobank Properties .
. 15 2013- 31 -
,
2015, . 4.
(lease back)
44. EUROPEAN COMMITTEE OF SOCIAL RIGHTS, 2013. 600
Federation of Employed Pensioners of Greece (IKA-ETAM) (25.590.240 ,
v. Greece, Complaint No. 76/2012. https://goo.gl/Np5n1x, ), . -
Decision on merits, 7 December 2012, para. 78. . .
45. 4046/2012 - -
{.684: , , 275/2013 7
, -
( -
( [OEK], -
[OEE])}. )
46. Communication GRC 1/2013 (19.2.2013), and reply of
the Greek Government (16.4.), UN Human . , -
Rights Council, 2013. A/HRC/23/51. http://goo.gl/LN5gDs ..,
47. .. 4055/2012, 15. 1204/2014 6
48. , .
. Naftemporiki.gr. 61. EC, SEAPG, 2013, . 41 .
17.700 . . EC,
http://goo.gl/sNGXV0 EAPG, 2011.
49. Arapoglou, v. & Gounis, k., 2014. final report: Caring 62. POLICIES, D.G.F.I. & AFFAIRS, P.D.C.C.R.A.C., 2015. The
for the homeless and the poor in Greece: implications for the impact of the crisis on fundamental rights across Member
future of social protection and social inclusion, http://goo. States of the EU Country Report on Greece. http://goo.
gl/DGtcuj gl/9xzKpW, .109-113
50. (2014) - 63. EC, SEAPG, 2013, .109.
2013 - 2014, http://www.bankofgreece.gr/BogEkdoseis/ 64. UN CEDAW, 2013.Concluding observations on the
NomPol20132014.pdf seventh periodic report of Greece adopted by the Committee
51. IKA (2014) http://goo.gl/YJ48zo. at its fifty fourth session (11 February 1 March 2013), C/
52. 2008 2014 34,4%: - GRC/CO/7. http://goo.gl/11LYE4, .3.
(2014) 2013 2014. 65. TVXS, 2015, , 4 2015,
53. Arapoglou, v. & Gounis, k., 2014. final report: Caring http://goo.gl/7Tnv1y
for the homeless and the poor in Greece: implications for the 66. Leventi, C. & Matsaganis, M., 2013. Distributional
future of social protection and social inclusion, http://goo. implications of the crisis in Greece in 2009-2012. EUROMOD
gl/DGtcuj Working Papers. http://goo.gl/NlSEDi. . , EUROSTAT
54. EUROSTAT STATISTICS (2015) Table: Overcrowding by (2012) News release 171/2012, 3.12.2012.
poverty status, : SILC 67. .., .35.
55. UNICEF, 2014. The state of the children in Greece 68. EUROSTAT (2015) Severe Material Deprivation rate by
report 2012. http://goo.gl/JPr508. age and sex, [ilc_mddd11].
56. Arapoglou, v. & Gounis, k., 2014. Final report: Caring 69. EUROSTAT (2015) At-risk-of-poverty rate, by age
for the homeless and the poor in Greece: implications for the group, %, Code: tsdsc230.
future of social protection and social inclusion. http://goo. 70. Leventi, C. & Matsaganis, M., 2013. Distributional
gl/DGtcuj implications of the crisis in Greece in 2009-2012. EUROMOD
57. - Working Papers. http://goo.gl/NlSEDi, .22.
() 3986/2011 71. Leventi, C. & Matsaganis, M., 2013. Distributional
. implications of the crisis in Greece in 2009-2012. EUROMOD
58. A., - Working Papers. http://goo.gl/NlSEDi, .28.
; , 72. Hellenic League for Human Rights, 2014. Downgrading
: - rights: the cost of austerity in Greece. https://goo.gl/CcGqU3,
, . 87-92. . 5.
59. 1906/2014, . 73. Syllas C., 2013. Free speech takes a beating in Greece.

54
https://goo.gl/zM8PzE
74. Margaronis . (2012), Greek anti-fascist protesters
tortured by police, The Guardian, http://goo.gl/9mPpJE,
Amnesty International, 2014. Impunity, excessive force and
links to extremist Golden Dawn blight Greek police. https://
goo.gl/hzvrVo
75. Reporters Without Borders (2015), 2015 World Press
Freedom Index, https://goo.gl/ZCLBNA
76. (2010) Memoranda Sunt
Servanda? H 3845/2010
,
. http://goo.gl/o66xSN .151-163.
77. , 2014. European
Committee of Social Rights Conclusions XX-2 (GRECE). http://
goo.gl/cP8LN1 p.31.
78.
-
( 222) (
51).
151/1978 154/1981
( 6, 12).
79.
(2012) :
, 25.5.2012 (2012)
-
HIV-AIDS
[10.5.2012] -
(2014)
XX-2 (), 2014, .31 -
(HRW) (2012) World
Report 2012: . EUROPEAN COMMITTEE OF
SOCIAL RIGHTS (2014) Conclusions XX-2 (GREECE), November
2014, p.31; HRW (2012) World Report 2012: European Union.
80. HRW (2015) Greece: Police Abusing Marginalized
People, Target the Homeless, Drug Users, Sex Workers in
Athens, 6.5.2015.
81. UN Human Rights Council, Report of the Special
Rapporteur on the human rights of migrants, Franois
Crpeau Mission to Greece, A/HRC/23/46/Add.4.
82. Racist Violence Recording Network, 2013. 2012 annual
report of the Racist Violence Recording Network. http://goo.
gl/oqXIWG,
Nils Muiznieks, Commissioner for Human Rights of the
Council of Europe following his visit to Greece, Strasbourg
16.4.2013, CommDH(2013)6.
83. Racist Violence Recording Network, 2015. Annual
Report 2014. http://goo.gl/ryZzWT
84. ,
, , 25.9.2013.
85. 41
, -
4274/2014
, (2014) .2255-7.
86. UN CEDAW, 2013. Concluding observations on the
seventh periodic report of Greece adopted by the Committee
at its fifty fourth session, CEDAW/C/GRC/CO/7. http://goo.
gl/2CN4IN
87. .. 90380/5383/738/2012, ( 1233/ /11.4.2012)

88. , -

, ,
2.12.2013.
89. UN COMMIT TEE ON THE ELIMINATION OF
DISCRIMINATION AGAINST WOMEN, op cit. UN CEDAW, 2013.
Concluding observations on the seventh periodic report of
Greece adopted by the Committee at its fifty fourth session,
CEDAW/C/GRC/CO/7, http://goo.gl/2CN4IN

55
56
 7

,

, - -
, , - , , , -
. ,
, . ,
. -
- , -
-
, , -
, .
(), ,
().
( -
) , ,
- .
(), ,
() ,
(). , -
()
, - . ,
,
.
-
, , ,
,
, . , -
. - , -
-
- , -
. , ,
.
-
,
1.
-

, ,
-
.
, -

57
 . -
, -
-
, - ().


.

,
Pringle

(),5
,
() -
-
-
. 103
,
, -
. -

-
.
, 51 (1) -
,
, . -
() -

,
, , - ,
,


,
, -
.

.1 51 . 1 -
:
2.
,

,
- , .
-
- - -
2 , ,
.
, -
. ,
- :
,
().
. -
, - 6
, ,
, 51 ,
, -
. -
- .
. , , , .7
J. Kokott
- Pringle, ,
3 , 26 2012,
, ,
.4 ,
- ,
- - .8
, ,
, - , ,
-
, 8 2010,
- ,
126(9) 136 , -

. -
, , .
- ,
, ,
. -

58
 (), - .10
, -
(), , - ( )
-
- (), 2 3.
- , 2 , -
, ,
- , , , -
. , -
() , -
. 472/2013 .
9 21 - -
2013 - ,
, , -
. ,
.
472/2013
: , 30 2013, - 3, . 3, . 3 , -
, - ,
--
.
. , 9
,
, ,
: -
, , -
28 , -
, -
. , -
, .
. , -
- ,
( 6),
- - 2010 2012,
-
- .

( 8). - ,

, - 30 2013 -

- , -
, 2010,
2012, . .
2010,
- , -
, ,
, ,
, ,
126 (9) 136 . -
2012 , .
- ,

, , -
. .

()
- -
. 472/2013. , () , -
, , - -
1961 ()
. - -
(), ,

59
 -
.11 -
, - - .19 -
, ,
,
. , ,
,
, ,
-

, .20
- ,
.12 -
, -
.
, , , -
.13 -
, 201421 ,
,
:
.14 - -
- .
. 2013, -
,
,
, - .22
, - 2010 2012,
, IV, 10, -

( ,
- . -
), - 2012,
-
, ,
, , - .
- , -
, - , -

. , --
, -
3.

3.1
. -

, -

,
, , -

, , -
,
-
, -
-

, , -

. - , -
15 , -
16 .23
-
. 3.2

, -
,17 - 3.2.1
, -
,
. -
-
.
.18 - -

60
 .
, , 3 2010
, , - -
.24 , ,
36 . 2 , - ( 3).
, 3845/2010
. ,

, 28 .
. 2 - 3.2.2
( 668/2012,
. 29).
,
, 8 , 25 )
2010 , 1 . 4 ) -
. , 2 . 1 3845/2010, -
, . , -
, ,
- -
11 2010 ( II, 3845/2010), .
- , .
, - 1 . 4 -
,
. 36 . 2 .26
36 . 4
, -
,
. .27 , -
668/2012,
, , (.
, , 30). ,
,
. 36 . 2 28 . 1 (. 31).
2 . 1 3845/2010 -
, 43 . 4 .28 -

. , - -
- ,
- -
-
. ,
. -
1 . 4 3845/2010, - -
- ( 3051/2014
1210/2010).

( , - 4.
). ,


, . -
3845/2010, 2010, -
1 .9 3847/2010
1 . 4 3845, . -
( ) -
. PSI 2012.
, (- ( -
) ),
-
.
, 28 36 , -
. , -
. , 3845/2010 -
, ,
, - ,

61
 . - , .32
,
,
(Human Rights Act), .33 -
, -
, , -
22 , .
.
- -
,
, -
- . , -
. (executive
- necessity),
, , -
, - -
. - ,
: , ,
, -
, .34
, , -
, ,
,
, , ,
,
, .
, , ,
, .29
- -
, , - , -
,
.
,

,
1. .. European Committee of Social Rights, Complaint No.
. 80/2012, Pensioners Union of the Agricultural Bank of Greece
- (ATE) v Greece, 16 January 2012, para. 48.; ECtHR, Appl. No.
- 5809/08, Al-Dulimi and Montana Management Inc. v. Switzerland,
, 26 2013, . 111; ECtHR, Appl. No.
, 45036/98, Bosphorus Hava Yollary Turizm ve Ticaret Anonim
, , - Sirketi v Ireland, Grand Chamber, 30
2005, . 153; ECtHR, Appl. No. 19392/92, United Communist
-
Party of Turkey and Others v. Turkey, 30 January 1998, 29.

2. (2010), 2(1); -
(2010), . 6.
. 3. (2010), . 2.
, , 4. -

.30 , -
, -
- ,
, -
. , , -
,
, (common law) (. 61, Draft Articles on the responsibility of international
organizations, International Law
- Commission 69 at its sixty-third session, 2011
() , , - (A/66/10, . 87)
Res. 66/100 9 2011).
.31 5. ESM -
, 2011/199/U 25 2011,
136
. ,
(TFEU) ,
, - (OJ 2011 L 91, .
1). . 3 136
TFEU, -

62
 . ESM European Union, com (2010) 573/4; Commission staff working
2 2012 paper operational guidance on taking account of Fundamental
- . rights in commission impact assessments sec(2011) 567 final.
6. OJ C 303/17 14.12.2007. 18. , C-92/09 and C-93/09, Schecke and Eifert,
7. PEERS S. (2013), Towards a New Form of EU Law?: The Use 9 2010, 81 and 83.
of EU Institutions outside the EU Legal Framework, European 19. Human Rights and Democracy: EU Strategic Framework
Constitutional Law Review . 37 . and EU Action Plan, 25 2012.
8. . 176 . 20. Ombudsmans recommendation related to complaint
9. (E) 472/2013 1409/2014/JN against the European Commission, 26
, 2015.
- 21. European Parliament Report 2009-14 on the inquiry on
the role and operations of the Troika (ECB, Commission and IMF)
, OJ L 140/1 with regard to the euro area programme countries (2013/2277
27.5.2013. , (E) (INI)), A7-0149/2014, 28.2.2014, para. L. 39 and 48, EP
473/2013 Report A7-0149/2014.
22. .,
.
- , OJ L140/11, 23. UN Committee on the Elimination of Discrimination against
-- Women, Concluding Observations: Greece, UN Doc. CEDAW/C/
GRC/CO/7, . 13(c), 33(b), 40.
. 24. -
10. European Committee of Social Rights, Federation of , .
employed pensioners of Greece (IKA-ETAM) v. Greece,
. No. 76/2012, 7 ,
2012.
11. ECtHR, Appl. No. 24833/94, Mathews v United Kingdom, .
Grand Chamber, 18 1999, . 29, 32 25.
34; ECtHR, Appl. No. 26083/94, Waite and Kennedy v Germany, -
Grand Chamber, 18 1999, . 67; (
ECtHR, Appl. No. 45036/98, Bosphorus Hava Yollary Turizm ve )
Ticaret Anonim Sirketi v Ireland, Grand Chamber, -
30 2005, . 152156. ( 2 . 2),
12. ICJ, Interpretation of the Agreement of 25 March 1951 ,
between the WHO and Egypt, Advisory Opinion 20 ( 2 . 3). -
1980, I.C.J. Reports 1980, 73 . 8990 (. 37).
13. SANDS P. & KLEIN P. (2001) Bowetts Law of International , -
Institutions, 5 , Sweet & Maxwell Ltd. -
( 3 . 15).
14. .., 57 63.
26. , , -
15.

,
,
2012, HRC Res. A/HRC/
,
RES/20/10.
, ,
,
.
21
27.
( 2011), -
43 -
. 61:
2 4.
-
, 28. -

, , ,
. - .

-
.
,
, - 29. , 14 (5);
, . , 15 (2); -
- , 15 (4).
, 30. , 13 (1); -
, 12 (1);
. 15, -
. , Guiding Principles on Human Rights Impact , 15 (1), (2) (3).
Assessments of Trade and Investment Agreements, Report of 31. Versloot Dredging BV v HDI Gerling Industries [2014] EWCA
the Special Rapporteur on the Right to Food, Olivier De Schutter, Civ 1349, . 140-41.
U.N. ESCOR, Commn. on Hum. Rts., 19th Sess., Agenda Item 3, 32. Horwood v. Millars Timber and Trading Co Ltd [1917] 1
add., U.N. Doc. A/HRC/19/59/Add.5 (2011). KB 305.
16. UN Committee on the Elimination of Discrimination against 33. Yam Seng Pte v International Trade Corp Ltd [2013] EWHC
Women, Concluding Observations: Greece, UN Doc. CEDAW/C/ 111 (QB), . 119-54, . 124.
GRC/CO/7, para. 40. 34. Watsons Bay and South Shore Ferry Co Ltd v Whitfield
17. Communication on a strategy for the effective [1919] 27 CLR 268, 277 Redericktiebolaget Amphitrite v King
implementation of the charter of fundamental rights by the [1912] 2 KB 500, 503.

63
64
8

,
,

-
, ,
- (-
, ),
, - ,
. , .
, , , , -
2015. , -
,
A. . -
, -


,
,
, . , -
, , -
, , - . ,
. ,
-
, , - , , ,
(
). .
,
- , , -
. 2012,
,
, - , ,
.
- . , -
, - ,
-

, - -
, , -
, , , -
, .

65
B. 160% 2020,6 -
, 9 2012,
-
1. 116,5%
; 2020.7

-
,

-
, -
, :
, -
.
, , -
, , ,
, .
. - , -
-
-
- , ,
-
- .8
. ,
() - ,9
,1

. -
- .
-
, - ,10

( ) : 11 ,
-
, 2010, ,
-
,12
- .
,
. 2 2.
, 2010, -
;
: -
, , -
2012.3 - ,

, , ,
-
.4 - , -
,
(. ).
- , -
(SBA) ()
.
-,
, , 9
.5 2010, -
, () -
- , -
2012, .
, ,
-
- -
- , - ,
, -
.13

66
 , -
- ( , -
, - ).
130
.14 ():
, , -
, ,
, -
, -
2010.15 - , -
, - .
,
,
. -
28 2010: -
, ,
, , . ,
.16 .
, ()
(SMP)
. -
(.
3. ), , -
; -
. ,
-
2012 , -
,


(OMT),


, ,
OMT -
, -
[ ]
, ,
() -
-


/ -
. :
.

- ,
, ,
. ,
, - , :
- -

, - SMP, -
-
- -
. . ,
,
() . , - .

( -
.
) SMP
-
. ,
( )
1. .

; -
,


,
, .
:
, , ,
, - (

67
)
-
.
, -
. 4 2015,
, 11 - .
, , -
, , ,
, -
. -
, .
, -
130 - .
().17 ,
-
,
.
1.
2.

;
;

-
, , - -
, , ,
,
- , :
- 122(2)
, ().
-
(. : -
- 122(2), -
, - -
, -
).
- ,
,
, . , -
, - ,
SMP ,

, - ()
. , -
.
(.
3. )
( ).
;
(misconduct)
-

,
, -
-
, -
,

, , , -
, :
,
,
, -
SMP, -
. ( ,
- -
-
- ,
) .

68
 - -
2010, .
-
2012, , -
( - , .
). , ,
,
,
.
-
,
(0%),

-

.
.
-
2. , -
. 20

; 3.
-
, ;
, (
-
) (
,
) ,

, ,
( ,
-
, )
, -
-
() ,
-
-
,
,
, , ,
,
, -
-

,
, :
(. : -
2010,
2012 - ()
, -
. ,
, -
). , -
( ),
(escrow account) , -
.
.18 -

-
. - .

, , , -
. ,
, .
, ,
.
-
, , : ,
, ,
- ,
2012
- (hedge funds), ,
.19 -
(PSI) - . ,
, ,
- , , -
, .
, .

69
. ,
-
.
1. ; ,
- ( -
, - )

, , (, 2 3) -
, : (, 9).
, - -
- (
. ),
( ) -
, - ,
, . , ,
, - .
, ,
2. ;
. , - -
- , -
-
-
() - ,
- -
. ,
-

, (. ).
, ,
, - ,
- ,
, -
:
:
-
, -
-
, - .

,
- -
.

3.
-
;
-
,
-
( ,
, -
)
, ,
-

, , , -
,
, :
-
-
.
2010 2012
-

70
 -
, -
.
2012, . 23
. , -
, -
, , -
.

2013, -


, .
/
, ( .
) , 2010, 2009, 2010, 2011 2012, -

- (snowball effect) 6,2%, 11,2%,
- 16,9% 18%. 24
. (.
,
, - ,
.) . ,
, -
. ,
, -
- , -
(Credit Default Swaps, CDS).
: , -
(hedge funds) . -
-
- , -
.
. ,
25
-
KommunalKredit, Dexia,
-
-
,
, . 25
.
2.
,
;

, - ,

. 21 , -

, -
, , ,
-
( -
, -
),


hold out,

, , .

1. (. ).
, -
;
-
- ,
Eurogroup 21 2012,
, 48
, .
: , ,
- , .
. -
3.
,
- ;
- -
, 22 - , -
Othmar Karas Liem Hoang Ngoc -
.
-

71
, 14. IMF, 2012. Greece: Request for Extended Arrangement
Under the Extended Fund Facility, IMF Country Report No.
. 12/57. http://goo.gl/uasoV5

, 15. WSJ, 2013. IMF Document Excerpts: Disagreements

Revealed. Wall Street Journal. http://goo.gl/gyHqdi
-
16. IMF, 2010. Transcript of Statements to the Media by
, -
Angela Merkel and Strauss-Kahn in Berlin. https://goo.gl/

ZLG4Qv
.
17. 130 -
(, -
(): (...)
) , ,
,
, , , -
, (...) -
. . ()
,
,

1. Geithner, T. & Gianviti, F., 2002, Guidelines on

Conditionality. http://goo.gl/6FPuey
,
2. WSJ, 2013. IMF Document Experts: Disagreements
.
Revealed, Wall Street Journal, http://goo.gl/gyHqdi
18. European Commission, 2012. MoU between the
3. IMF, 2010. Greece: Staff Report on Request for Stand-
European Commission and the Hellenic Republic [
By Arrangement, IMF Country Report No. 10/110. http://
goo.gl/ErBW0Q, IMF, 2012. Greece: Request for Extended 2012]. 2.5.5.1. http://goo.gl/hbpYtW
Arrangement Under the Extended Fund Facility, IMF Country 19. EFSF, 2012. MASTER FINANCIAL ASSISTANCE FACIITY
Report No. 12/57 http://goo.gl/uasoV5 AGREEMENT MFAFA (as amended by the Amendment
4. European Parliament, 2014. Report on the enquiry on Agreement dated 12 December 2012). Preamble (1). http://
the role and operations of the Troika (ECB, Commission and goo.gl/c6sg2h
IMF) with regard to the euro area programme countries - A7- 20. -
0149/2014. http://goo.gl/knvBol -
5. IMF, 2010. Press Release: IMF Executive Board Approves ,
30 Billion Stand-By Arrangement for Greece. http://goo.gl/
KMc2TV ,
6. Spiegel, P., 2012. More on leaked Greek debt report
| Brussels blog. Financial Times. http://blogs.ft.com/ . ,
brusselsblog/2012/02/21/more-on-leaked-greek-debt-report/ -
7. IMF, 2012. Greece: Request for Extended Arrangement .
Under the Extended Fund Facility, IMF Country Report No. ,
12/57. http://goo.gl/uasoV5 -
8. IMF, 2011. Articles of Agreement of the International .
Monetary Fund. Art. IV, Sec 3(b) http://goo.gl/EqPkYl 21. EFSF, 2015. European Financial Stability Facility (EFSF).
9. Geithner, T. & Gianviti, F., 2002. Guidelines on http://goo.gl/6487cS
Conditionality. http://goo.gl/6FPuey
22. European Parliament, 2014. Report on the enquiry on
10. Blanchard, O., DellAriccia, G. & Mauro, P., 2010. the role and operations of the Troika (ECB, Commission and
Rethinking Macroeconomic Policy, IMF STAFF POSITION NOTE IMF) with regard to the euro area programme countries - A7-
February 12, 2010 SPN/10/03. http://goo.gl/TdZ6f5
0149/2014. http://goo.gl/knvBol
11. IMF, 2013. Greece: Third Review Under the Extended
23. European Parliament, 2014. Report on the enquiry on
Arrangement Under the Extended Fund Facility, IMF Country
the role and operations of the Troika (ECB, Commission and
Report No. 13/153. https://goo.gl/qIFPdu
IMF) with regard to the euro area programme countries - A7-
12. -
0149/2014. http://goo.gl/knvBol
. IMF, 2010. Greece: Staff Report on Request
for Stand-By Arrangement, IMF Country Report No. 10/110. 24. , 2014.
http://goo.gl/ErBW0Q 2013. http://goo.gl/tVICPO
13. WSJ, 2013. IMF Document Excerpts: Disagreements 25. Chakrabortty, A., 2011. Greece in crisis: House of the
Revealed. Wall Street Journal. http://goo.gl/gyHqdi rising repayments. The Guardian. http://goo.gl/otV2lk

72
 9

73


, -


, , , -
, . -
( ,
, ), .
-
. - .
- ,
, -
, -
. . ,
- , -
. , -
26 -
,
.
. , . -
, 25
- ,
, -
-
-
.
, ,
,
,
- . ,
, -
. , -
52 .
. -
52 ( (insolvency).
) - -
. , , -
, , , - (insolvency)
, -
, ,
- .

, - ,
.
-
-
.
, , ,
, -
.

( -
)
:
,
. , - ,
49.
,

(- ,
) , -
. , -
- ,
- .
. -

74
 . , -
, ( -
) , , ,
, ,
. ,
, , - . , ,

,
. , - ,

-
,1 , , ,
. ,
. ,
,
, , -
: .

1. 2.
26 -
, -
, ,
. 2
. -
- 1 (9) 3847/2010,
pacta sunt servanda. 28 36 -
- ,
.
. , 69 (2) - -
,
,
- ,
, (
- ).

. -
,
, , -
, -
56 (1) ( -
( - ).
). ,
,
. 46 (1)
. -
, -
,
, -
. - , , -
, , , ,
,
- .
( ) , ,
, 3.
, -
.

-
,
--
, ,

75
 , (. 6).
2010,
, . -
,
, -
.

() (. 9).
. 3 -

, -
, ,
- , -
(. 16).

, , 4.
-
. ,

- ,
. ,
, -
, , -
. , -
- , -
,
jus cogens, -
(, - , -
), .
53 ,
. (-
- ),
103 (
, 2011

. 103 ,
: 2010 ).
- , 52 -
, -
.
, -
. - -
-
- . ,
. -
, .4
-
, , , ,
, - -
- , , -
: , , ,
-
, - 56 (1) -
. , .
- -
, - ,
, ,

- . 5 51 52
, -
-
, ,
, ,
, ,

76
, , -
, (- ,
) ,
( () ,
)6 .
, -
52 ,
. ,
.
5.
7.

( ) - , ,
-
, ,
,
- , , -
- .
. , - -
, -
, - ,
-
( , -
) .8
, (
. - )
, , -
, . -
.7
,
6.
, - ,
- .

:
.
,
, -
, -

,
1.
. -
-

, 25
- -
. , -
- .9
2015. 25,
,
-
-
( -
) , , -
- ,
. , , - .10
, 25, -

, .
2010. . -
, -
49 .

77
. - ,
, [...] -
, -
Socobel,11 o -

[ ] -
.15
, -
, ,
. -
, - .
, , -
.
-
-

.
.


-

,
, -
-
, -
. LG&E -
,

.12

:

... . [ -
. ,
]


-
, ,
,

-
. ,
.
, , .
,

LG&E - -
, .
- , -
.13 -
, -
- -
- .
.14 :
25%, :
. -

.
,
. -
,
, -


74%. ,
Continental - -
,
. ,
: ,
, - -
, ,
- , -
, .
:
. -
-
, -
-

25 -

78
 , , , -
, -
. -
.16 -
,
, -
. . -
, ,
- ,
-
. - , -
.
()
- ,

( ).
,
- . -
.
25
2.
, -
(insolvency) .

- ,

. - . -
-
, Postova Banka AS and
, Istrokapital SE v Greece,
, -
.
, -
- ,
. -
-
-
, .
.19
.17
-

1. R. Howse, The Concept of Odious Debt in Public

International Law, UNCTAD Paper 185 (July 2007).
, 2010
2.
- ,
, , .
. 2013 - -
,
- .
3. , Bedjaoui,
.18 ,
-

,
, - ,
,
, -
. M Bedjaoui, Ninth Report on Succession of States
in respect of matters other than treaties, UN Doc A/CN.4/301
, - (1977), YB ILC, . 70.
. 4. 32 Charter of Economic Rights and Duties
of States, GA Res. 3281 (XXIX) (12 Dec. 1974), Declaration
, , of the Principles of International Law Concerning Friendly
, - Relations and Co-operation among States, GA Res. 2625
- (XXV) (24 Oct. 1970); Declaration on the Inadmissibility of
Intervention in Domestic Affairs of States and the Protection

79
 of their Independence and Sovereignty, GA Res. 2131 (XX)
(21 Dec. 1965);,
-
, (

-
), : .,
...
, ,
, , -



(
-
,
(Draft Declaration on
the Prohibition of the Threat or Use of Economic or Political
Coercion in Concluding a Treaty, adopted by the Conference
without a formal vote (Draft Report of the Committee of the
Whole on Its Work at the First Session of the Conference, U.N.
Doc. A/Conf. 39/C. 1/L. 370/Rev. 1/Vol. II (1969), at 251-252)).
5. -
. , ,
,
.
Universe Tankships Inc of Monrovia v International Transport
Workers Federation, [1983] 1 AC 366.
6. , , -
,


,

( ),
.
7. . 49-50 ILC Articles on State Responsibility.
8. UNCTAD (2007), .. . 22.
9. ICJ, 25 September 1997, Gabckovo-Nagymaros Project,
BVerfG, 2 BvR 120/03 4/5/2006; French Supreme Court,
23 October 1987, Nachfolger navigation company ; Decision
on Annulment Enron v. Argentina, 30 July 2010, ICSID Case No.
ARB/01/3 356 ; Decision on Annulment Enron v. Argentina, 30
July 2010, ICSID Case No. ARB/01/3; Decision on Annulment
Sempra v. Argentina, 29 June 2010, ICSID Case No. ARB/02/16;
LG&E v. Argentina, 3 October 2006, ICSID Case N ARB/02/1
; Continental v. Argentina, 5 September 2008, ICSID Case N
ARB 03/9.
10. ILC Articles on Responsibility of States for Internationally
Wrongful Acts: , http://legal.un.org/ilc/texts/
instruments/english/commentaries/9_6_2001.pdf, . 80.
11. Societe Commerciale de Belgique, (1939) PCIJ Ser A/B,
No 78.
12. R. Ago, Addendum to 8th Report on State Responsibility,
UN Doc A/CN.4/318/ADD.5-7.
13. LG&E Energy Corp and Others v Argentina, ICSID
Award (25 July 2007), . 251.
14. .., . 234.
15. LG&E Energy Corp and Others v Argentina, ICSID
Award (5 September 2008), . 180.
16. ILC Commentary, .. . 10, . 84.
17. M Waibel, Sovereign Defaults before International
Courts and Tribunals (Cambridge University Press, 2011) .
3-19.
18. RM Lastra, L Buchheit (eds) Sovereign Debt
Management (Oxford University Press, 2014) . xx-xxiii.
19. Postova Banka AS and Istrokapital SE v Greece, ICSID
Award (9 April 2015), . 324.

80
81
82
83