Greek financial woes and the Greek legal system

The hugely inefficient Greek legal system is a root cause of its financial crisis. Delays, corruption, inconsistency and fear impede economic development and investment.

I was speaking recenty to a very successful Greek American business leader and i asked him why he never invested in Greece. Mind you, this is a man who lived in Greece until he was 20 years old and operates businesses enploying almost 1000 people.  Shocked and flushed with fear he exclaimed" are you crazy, they would eat me alive over there.!"  Imagine the reluctance, therefore, of the average American or European investors. There is no question that the judicial system of a country matters in terms of economic growth and development. There is empirical evidence for this. There can also be no question that the Greek court system is one of the most inefficient ,unpredictable and feared. Talk to the average Greek and they will tell you that there is no justice in the courts-only delays and uncertainty.Based on factors such as investor protection ,delays,meritless appeals, lack of uniformity in legal decisions, the World Bank has ranked Greece 154 out of 183 countries-practically below Sub Saharan African nations!  The EU as part of TROIKA related program of reform and extended fund facility arrangements, has set forth that "rule of law" issues are a critical part of the criteria for Greece  creating long term solutions(austerity is not a long term solution)for increased private investment and enterpreneurial activity.As a lawyer in both countries ,who has tried cases in both courts, i have written an article on this issue making several observation and proposals. I can tell you one of the problems right now: As the American Bar Association Laison to Greece i was asked to offer the world class experience and input of the ABAs international law section  to the Greek Bar Presidents of Athens and Thessaloniki. We are talking about thousands of legal economic and international business minds working together on programs  and seminars  and cooperative agreements between the legal systems of the two countries. I never even got the courtesy of a response. This doesnt suprise me given the arrogance imperiousness and lack of practical advice with which many Greek lawyers treat their clients-especially Greek Americans. In any event, i have recently gotten great feedback from Greek lawyers who have a US business lawyer mentality and respect for their international peers. I hope you all read my upcoming article on this issue and look forward to  your feedback.