One of the changes introduced during the crisis was to allow groups of workers, not trade unions, to sign agreements at company level. Under Law 4024/2011, these “associations of persons” can sign collective agreements at company level, regardless of the size of the company, provided that at least 60% of the workers belong to it and that there is no trade union in the company. At the height of the crisis, they played an important negotiating role. Analysis of the 976 agreements signed at company level in 2012 showed that almost three-quarters (72.6%) were concluded by non-trade union “associations of persons”, 17.4% by trade union organisations at company level and 10.0% by higher trade union organisations. [7] The same analysis also showed that they most often lead to lower wages. In two-thirds of cases where agreements were signed by “associations of persons”, wages were reduced to the new national minimum wage – in other words, after the lowering of the minimum wage, 22% lower than the previous rate. As part of the fourth review of the second adjustment programme, the teams of the European Commission, the ECB and the IMF concluded a staff agreement on economic and financial policies with the authorities on 19 March 2014, which is necessary to ensure that the programme remains on track. The changes described above (reduction of the importance of the national agreement, abolition of the principle of proportionality and termination of renewals of agreements) were not the only measures put in place during the crisis that had an impact on the negotiations. The Government has also amended the Law on Persons Authorized to Negotiate and on the Duration of the Implementation of Agreements (see next section) and the measures put in place during the crisis continue to apply in both areas.

However, legislation (Law 4046/2012) that restricts access to OMED`s arbitration service – according to which both parties must give their consent – was deemed unconstitutional in 2014, and each party still has the unilateral right to ask OMED to engage. The European institutions presented to the Eurogroup from 21 to 22 June 2018 a compliance report on the completion of all agreed preliminary measures for the fourth revision of the ESM Programme. This followed the agreement reached on 19 May 2018 at staff level on the package of directives for the fourth revision. With the end of the economic adjustment programme on 20 August 2018, the principle of cheap began to apply again on 21 August 2018. (At the same time, the rules for renewing collective agreements have changed – see below.) It is too early to assess the effects of restoring the principle of proper functioning in August 2018, but this could mean an increase in the number of industrial agreements and companies. It is not certain that associations of persons still play such an important role, given that the number of contracts for undertakings has fallen sharply. The Additional Memorandum of Understanding (SMoU) establishes the Agreement on Political Conditionality. It updates the policy conditions set out in the August 2015 Memorandum of Understanding and amended at the end of the first review in June 2016, at the end of the second review in July 2017 and at the end of the third review in March 2018, to reflect progress in the implementation of the programme. Discussions between the Greek government and the IMF General Staff from July 30 to August 12, 2015 resulted in a new Memorandum of Understanding.

According to Lagarde, it aimed to “restore financial sustainability, financial sector stability and sustainable growth.” [44] [45] Legislation adopted in October 2011 (Law 4024/2011) allowed companies to set less favourable conditions than those of the corresponding sectoral or company agreements. . . .