• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Greece Is (Officially) The Most Corrupt European Nation

Tyler Durden's picture


With the Greeks facing up to their third (or 4th or 5th, who's counting anymoe anyway) bailout, proclaiming growth is just around the corner, that the crisis is behind them, and that slavery will solve European youth unemployment; we thought it both ironic and sad that, as Bloomberg's Niraj Shah notes, the European Commission today publishes its first anti-corruption report and finds Greece has the most corrupt public sector, according to Transparency International’s Corruption Perceptions Index.

In chart form...


and table...


As a gentle reminder,  Greece’s shadow economy was equivalent to 24 percent of GDP in 2012, the Institute of Economic Affairs estimates.


But Afghanistan and Somalia top the world's corruption index...

(click image for large legible version)


The Corruption Perceptions Index 2013 serves as a reminder that the abuse of power, secret dealings and bribery continue to ravage societies around the world.  The Index scores 177 countries and territories on a scale from 0 (highly corrupt) to 100 (very clean). No country has a perfect score, and two-thirds of countries score below 50. This indicates a serious, worldwide corruption problem.

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Mon, 02/03/2014 - 10:37 | 4395520 Jannn
Jannn's picture

The Chinese Government's Gold Policy, From The Horse's Mouth


Mon, 02/03/2014 - 10:49 | 4395569 idea_hamster
idea_hamster's picture

This was known about Greece back when the Euro was launched.

Then, however, it was in Berlin, Brussels & Co.'s interest to cast Greece as honest to get everyone on-sides for the launch.

Now, it's convenient to cast Athens as "corrupt" so that the Greeks don't get any sympathy as their country slides into chaos and authoritarian rule (Communists or Nazis -- take your pick).

Greek society hasn't changed a bit -- only the trope that benefits Bankfurt.

(And the Finns are ranked as the most transparent -- they're the perfect country to pull the plug on the Euro first -- not too big, not too central, and they'd benefit significantly from some competitive devaluation.  Come on Helsinki -- don't be left holding the bag!)

Mon, 02/03/2014 - 10:52 | 4395578 Headbanger
Headbanger's picture




Mon, 02/03/2014 - 11:25 | 4395709 Richard Chesler
Richard Chesler's picture

That's racist.

Obozo won this one fair and square!

Mon, 02/03/2014 - 11:28 | 4395724 TerminalDebt
TerminalDebt's picture

people still believe in that "technical analysis" BS?


Mon, 02/03/2014 - 12:22 | 4395902 Sofa King Confused
Sofa King Confused's picture

Greece might be the most corrupt in the EU...but I think USA is the most corrupt in the world. This infographic is bullshit.

Mon, 02/03/2014 - 14:50 | 4396465 icanhasbailout
icanhasbailout's picture

It's "perception". If people understood the basics of Western monetary systems, the perceived-least corrupt nations in the world would include Iran and Cuba.

Mon, 02/03/2014 - 12:29 | 4395932 Papasmurf
Papasmurf's picture

I'm pretty sure the fed uses technical analysis to decide when to buy more stawks.

Mon, 02/03/2014 - 13:59 | 4396253 wee-weed up
wee-weed up's picture

Obozo never won anything fair and square in his whole life!

Mon, 02/03/2014 - 11:38 | 4395751 Blazed
Blazed's picture

@ idea_hamster,

It's already under "authoritarian" rule, that of the Kosher Bolshevik led banksters, as well as the threat of being turned into third world chum with mass third world immigration being pushed by that same Kosher ethno-religious mafia. 

Mon, 02/03/2014 - 13:03 | 4395892 Ghordius
Ghordius's picture

this ranking would cast Greece in a better light if it was a global ranking, instead of an european one

further, I believe it was Acet who pointed out that this "Perception Index" is faulty, then there are two kinds of corruption: the street-level one and the "high-level" one

Britain, in his example, has nearly no street-level corruption. generally speaking if you get a ticket, don't try to bribe the policemen. Yet this changes radically if you are talking about Old Boy's clubs and high-level politicians

Finns are very clear about why they use the EUR, btw. And no, in general they would not take your hint about "competitive" devaluation very kindly. Yet they don't want to be stuck with an own, small national currency in this currency war environment (note how many small european currencies are hiding under the EUR's gowns, starting with the floor on the CHF), and they have Russia next door, the main reason why they are in the EU in the first place

btw, do you realize that devaluation is the equivalent of lowering all salaries? who gets the shaft? or are you assuming that the whole world has a big mortgage on an underwater house?

Mon, 02/03/2014 - 13:51 | 4396226 midtowng
midtowng's picture

Which came first: corruption or poverty?

Mon, 02/03/2014 - 14:34 | 4396385 Exponere Mendaces
Exponere Mendaces's picture

The only reason the U.S.A. isn't a bright shade of crimson is because institutionalized corruption exists in the form of lobbyists and corporate-funded PACs. The United States has two sets of laws, one for the rich people and one for everyone else.

Mon, 02/03/2014 - 11:27 | 4395715 National Blessing
National Blessing's picture

Greek corruption has always been atrocious.  It goes all the way back to Ulysses and the Trojan Horse.  But they are still getting screwed by Germany.  Screw the Nazis.

Mon, 02/03/2014 - 10:36 | 4395527 Element
Element's picture

Greenland are just effing do-gooders.

Mon, 02/03/2014 - 10:40 | 4395544 idea_hamster
idea_hamster's picture

What, both of them?

You really can't be all that corrupt when everyone knows everyone.

Mon, 02/03/2014 - 10:42 | 4395549 Croesus
Croesus's picture

Most Corrupt = People take it in the ass the most.....Go Figure...Go USA!!! 

Mon, 02/03/2014 - 11:10 | 4395640 Element
Element's picture

You can lie to yourself, and wank off to cheat on your wife though.

Mon, 02/03/2014 - 10:36 | 4395528 401K of Dooom
401K of Dooom's picture

Who cares about Greece?  Oh yeah George Stephenopolous does.

Mon, 02/03/2014 - 10:39 | 4395530 Cacete de Ouro
Cacete de Ouro's picture

Moar Ouzo...

Mon, 02/03/2014 - 10:39 | 4395532 kralizec
kralizec's picture

Come on, Italy!  You can do it!

Mon, 02/03/2014 - 10:39 | 4395535 Element
Element's picture

And I'm pretty sure it's Red-China ... just ask the locals.

Mon, 02/03/2014 - 10:40 | 4395536 Dr. Engali
Dr. Engali's picture

As corrupt as they may be perceived, they can't hold a candle to what is going on over here.

Mon, 02/03/2014 - 10:42 | 4395550 Winston Churchill
Winston Churchill's picture

Sad, but true Doc.

I prefered the old days when at least they  hid it behind closed doors.

Just as corrupt , but not in your face.

Anybody would think the end is near or something.

Mon, 02/03/2014 - 10:43 | 4395556 Panem et Circus
Panem et Circus's picture

Agreed, I was shocked to see the US as 70-79... until I noticed the key word in the title "Corruption Perceptions Index 2013."

Mon, 02/03/2014 - 11:09 | 4395587 rwe2late
rwe2late's picture


perceived corrupt (by the MSM?).


Anyhow, focusing on nations ignores the international aspect of it all.

Does, for example, corruption in 'drug cartel' Mexico, occupied Iraq, or artificially-made Kosovo have anything to do with foreign activities?

The "perceptions" ought instead take notice of who is doing the corrupting, not just who was corrupted.

Mon, 02/03/2014 - 13:34 | 4396173 rwe2late
rwe2late's picture

 Well, for sure, USA holds international title

as #1 CORRUPTER of nations.

Mon, 02/03/2014 - 10:41 | 4395541 Bearwagon
Bearwagon's picture

They are just doing it wrong. Should have a look at germany - far more corrupt, but way more sophisticated ...

Mon, 02/03/2014 - 10:44 | 4395553 yogibear
yogibear's picture

Spain and the rest should learn from Greece.

Keep threatening the EU to default and keep getting bailed out.

Germany, work harder and share your wealth.

Mon, 02/03/2014 - 10:43 | 4395557 Martin Silenus
Martin Silenus's picture

Weird that Canada scores so well, considering we've got a dismally corrupt Senate.

Mon, 02/03/2014 - 12:09 | 4395863 Maxter
Maxter's picture

But isn't the senate useless anyway?

Mon, 02/03/2014 - 13:19 | 4396111 Martin Silenus
Martin Silenus's picture

Aren't all politicians?

Mon, 02/03/2014 - 10:50 | 4395575 youngman
youngman's picture

And when you are corrupt..you always come first in any bailout or change...you take the cream off the top...so any help is far and few....it takes a lot longer and costs more

Mon, 02/03/2014 - 10:53 | 4395588 firstdivision
firstdivision's picture

So.....when does the investigation into who helped Greece skirt the Euro contract to allow such a corrupt and personally wealthy government?

Mon, 02/03/2014 - 10:56 | 4395592 BlackVoid
BlackVoid's picture

Haha, Denmar is the least corrupt but they are selling their energy company to Goldman Sachs!



Mon, 02/03/2014 - 12:53 | 4396012 TNTARG
TNTARG's picture

"because" they're selling themselves to Goldman Sachs.

Mon, 02/03/2014 - 10:57 | 4395599 Rodders75
Rodders75's picture

Italy was only second worst because they paid TI to put Greece last. 

Mon, 02/03/2014 - 10:59 | 4395600 adr
adr's picture

When a person realizes they are worthless and have no useful skills, yet want to be rich. There is only one avenue to wealth, corruption.

 There are a lot of useless people in power today, hence the incredible level of corruption around the world. You could kill off the top 1% of the world and not lose a single bit of valuable knowledge.

Mon, 02/03/2014 - 10:58 | 4395601 TrustbutVerify
TrustbutVerify's picture

What is corruption anyway?  Can it be assumed any country is, that continues to run up debt when there is no pressing reason to do so, and that refuses to address the structural spending and lifestyle changes that are required to maintain the best level of fiscal health, corrupt?  And aren't the people, themselves, corrupt that vote in politicians that refuse to address these problems?

Mon, 02/03/2014 - 11:00 | 4395602 Euro Monster
Euro Monster's picture

And why do you think there is a corruption problem? C'mon guess...

Mon, 02/03/2014 - 11:15 | 4395634 Element
Element's picture



Because, "its glorious to become wealthy"?


"The love of money is the root of all evil"?

Mon, 02/03/2014 - 11:06 | 4395623 krispkritter
krispkritter's picture

And then break it down by class and occupation.  Betting 'wealthy' and 'politicians' break the charts.

Mon, 02/03/2014 - 11:07 | 4395628 Colonel Klink
Colonel Klink's picture

US is still a few shades too light.

Mon, 02/03/2014 - 11:15 | 4395660 whatthecurtains
whatthecurtains's picture

The US should be sunburned.

Mon, 02/03/2014 - 13:11 | 4396085 El Vaquero
El Vaquero's picture

Perceived corruption is what I believe is being measured, and from that standpoint, it makes sense.  A lot of our corruption is not in your face and there is still a lot of USA! USA! USA! style cognitive dissonance.  Even at the local level, see what it takes to score a homicide conviction when a cop intentionally kills somebody in a situation that would get you or I fried. 

Mon, 02/03/2014 - 11:14 | 4395665 rsnoble
rsnoble's picture

So trying to make a buck without the gov't taking 50% is corrupt?

Mon, 02/03/2014 - 11:19 | 4395687 johny2
johny2's picture

where is libor, gold, stock markets etc manipulation done from? the sheep will be voting out the weakests for the wolf next.

Mon, 02/03/2014 - 11:26 | 4395718 Icelandic
Icelandic's picture

Some years ago Iceland was ranked #1 and i told my friends this must be the end of the world.

Why isn´t the EU doing more?


Europe's missing billions

Mon, 02/03/2014 - 11:38 | 4395757 sodahpop
sodahpop's picture

What a joke... Here in Sweden the corruption is at every corner. Perhaps corruption looks diffrent here that in Greece.

Mon, 02/03/2014 - 11:39 | 4395758 Kirk2NCC1701
Kirk2NCC1701's picture

Nice to see that we are helping to make Afghanistan THE most corrupt place on earth.

Thanks, Al-CIA-dah.  Gives "War on Terror" a whole new meaning.

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