Mou Loan Agreement

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This MOU model contains optional clauses (and alternative provisions) from which you can choose. This menu of concept changes can serve as a handy checklist to help you identify, negotiate and record all the items that should be covered by the parties in a comprehensive agreement. Once the agreement has been reached and signed by both parties, you can pass it on to your legal advisors as instructions. Their task of drawing up a final and binding credit guarantee agreement should be quicker and easier if they have such a detailed agreement from which they can work, and I hope that this will result in lower legal fees. As far as the IMF as an IMF is concerned, international organizations, like all other international laws, are «obliged by all their obligations under the general rules of international law, their constitutions or international agreements to which they are affiliated» [12] The IMF is required to refrain from taking measures that would jeopardize a credit state`s ability to meet its own national and international human rights obligations[ 13]. In addition, the IMF, as a un special body, is bound by the general principles and objectives of the UN Charter [14]. Respect for human rights and fundamental freedoms is one of these general principles and objectives. With regard to the procedure under the Greek Constitution, both the memorandums and the loan contracts, which deprived Greece of most of its sovereign rights, are international agreements which therefore had to be ratified by Parliament. As such, the Greek Constitution has been violated. In addition, the two main delegation clauses addressed to the Ministry of Finance, which provide for the adoption of presidential decrees to take appropriate budgetary measures to achieve the objectives of the programme, are clearly unconstitutional. Finally, it should be stressed that certain clauses contained in the agreements between Greece and its creditors are manifestly abusive and show that Greece has indeed been forced to abandon essential aspects of its sovereignty.

In choosing English law as the law applicable to these agreements, the implicit objective of the creditors in their clause of choice was to circumvent the Greek constitution and Greece`s international human rights obligations. It is therefore invalid insofar as English law does not include or conflict with the Greek Treaty on Human Rights and customary obligations, and it is not required to be respected.

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