Seven years of Greek Crisis: Highlighting the Need for an Independent Monitoring Body of the Memoranda


The Greek Crisis is one of the most highly discussed issues of the last decade. It constituted the first national bailout undertaken within the EU, jointly under the aegis of not just the IMF but the EU. Greece is currently in its Third Memorandum of understanding with no seeming end in sight. The paper undertakes a mapping of the process of implementation and monitoring of the Memoranda in Greece, leading up to the Third Memorandum. It highlights the consequences of the lack of proper independent observation and monitoring of the programs adopted to solve the Greek Crisis. Additionally, focus is placed on the systemic weakness of having different competent bodies monitoring different parts of the program, rather than a more holistic approach in which measures should be scrutinized and broken down into actionable steps. This is presented in the context of privatizations and tax reform. The paper will conclude by suggesting how an independent observatory of the Memorandum should operate, and how it could be used as a blueprint to create an international framework for similar crises.

Key Words: Greek Debt Crisis, Memorandum, International Debt, Bailout, Troika, IMF, EU