I have noted here a number of times that Greece is bust. I suspect that I shall not win a Nobel prize for that. But you know that things are really serious when the bribery industry admits that its business has fallen off a cliff. And thus I am grateful to CNBC for bringing us confirmation that the last non-cyclical industry in Hellas is in recession. The report out today states:
Greeks, whose country is facing bankruptcy, can no longer afford the expensive customary cash-filled “fakelaki” or “little envelope” bribes paid to public sector workers, according to an official.
It goes on: The health sector and the tax authorities topped the country’s corruption rankings for 2011, said a report by Leandros Rakintzis, tasked with uncovering wrongdoing in the public sector.
“While the crisis has not reduced corruption itself, it has reduced the price of corruption,” Rakintzis told Skai TV after publishing his annual report. “They (civil servants) have lowered their price,” he added.
Ah, well that is a good start. I have pointed out before that Greece needs to cut process of a range of services by 40% to be competitive. It seems that State officials are leading the way. As David Cameron might say “we are all in it together.”