As the economic crisis continues, Greece was offered a second bail-out package consisting of a Master Financial Assistance Facility Agreement for €109.1 billion, a PSI Liability Management Facility Agreement for €30 billion, an ECB Credit Enhancement Facility Agreement for €35 billion, a Bond Interest Facility for €5.7 million and a second memorandum of understanding (the Memorandum) ratified by Laws 4046/2012 and 4060/2012. In order to ensure Greece's compliance with its Memorandum commitments, additional legislation has been enacted since February 2012. Although such legislation continues imposing onerous austerity measures, there is definitely a positive side since it introduces, among others, additional structural reforms aimed at the improvement of Greece's business environment, service markets, labour and the judicial system.
CONTEXT AND TRENDS
Over the last 12 months the Greek legal market has been characterised by unprecedented flux and transition. "The storms of change....