How the lack of the rule of law, an independent judiciary and real tax and economic reforms wreak havoc in the #Balkans and Central and SE Europe. The Mafia States of #Croatia, #Montenegro, among others in Eastern Europe have plundered the region with over $200 billion in illicit financial outflows via crime, #corruption and tax evasion during 2001-2011. For the Balkans alone, over $111.6 billion left the region for foreign bank accounts in #Liechtenstein and #Austria. Taxpayers in the Balkans and the #EU are left with the bill to prop-up failed nations. WSJ: But public-sector corruption showed a strong correlation with the prevalence of the black economy. “The higher the perceived level of public sector corruption is, the greater is the prevalence of the undeclared economy. This, therefore, supports the liberal assertion that undeclared employment is an exit strategy pursued by those confronted by bribes and corruption when seeking to enter or remain in the declared economy,” the study said. blogs.wsj/emergingeurope/2014/08/28/baltic-states-balkans-central-europe-top-black-economy-chart-in-europe/
Posted on: Wed, 10 Sep 2014 12:32:54 +0000
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