The Memorandum of Understanding (MoU) signed by the Greek government and the troika in 2010 contained numerous austerity policies and requirements for administrative reforms, among which is that of the national Environmental Impact Assessment (EIA) system. Complying with this requirement, Law4014/2011 was passed, aiming at reducing bureaucracy and increasing the country's appeal to investors whilst ensuring environmental protection. The present paper provides the first systematic, multi-scale and multidimensional evaluation of the effectiveness of the new EIA system.