IMFing with your Economic Rights: The Greek Tragedy of the Eurozone

While international human rights law promulgates that economic, social and cultural rights (economic rights) be supported just as fervently as civil and political rights, the reality is, they are not. The Greek debt crisis and resulting austerity measures demonstrate how a growing world economy is having an increasingly large impact on economic rights. States treat economic rights obligations similar to how businesses treat risk – that is, states seek to reduce their obligations like businesses seek to reduce their exposure. As a result, economic rights remain second fiddle to their civil/political counterpart and a victim of supranational monetary monoliths like the Economic Monetary Union and the International Monetary Fund.