The first two Memoranda accompanying the Greek bailouts are invalid under the country’s constitution since they were not ratified by a two thirds majority in Parliament, Athens University Law School Professor Georgios Kasimatis, a constitution expert, informed lawmakers on Wednesday.
Kasimatis was testifying during an ongoing Parliamentary probe into the circumstances and events that led to Greece signing bailout Memoranda with its creditors.
He termed the first Memorandum “unconstitutional” and said the validity of both agreements is in doubt, since international treaties of this type have to be ratified by an enhanced two thirds majority in Parliament.
“In order to be valid and legal, it must be signed and in accordance with articles 28 and 36 of the constitution, while if it provides for powers of control by creditors, it must be ratified by two thirds of the Parliamentary majority… in other words, by more than 180 MPs,” he said.
Kasimatis said that in the Memorandum, Greece expressly waives its rights as a national sovereign, something that had never been signed before and occurred for the first time in history.
The professor also accused George Papandreou’s administration in 2010 of failing to fully explain why Greece had to borrow from the IMF and not from the markets and of misrepresenting the real nature of the Memoranda.
His testimony provoked strong reactions from PASOK MP Andreas Loverdos, who accused him of bias and “double standards.”