The real Greek tragedy – its rapacious oligarchs

A network of corrupt clans control key sectors of Greek economy, and stand to profit most from the country’s continued disarray, writes the author of McMafia.

Published on 9 November 2011 at 15:00

Capricious, unreliable and ideologically driven were some of the more printable epithets hurled at George Papandreou in his final week as Greek prime minister. We should look at the motives of his detractors before taking such critiques at face value. While engaged in titanic political struggles at home and abroad, he has been quietly trying to tackle one of the most intractable root causes of the Greek tragedy – crime and corruption.

As the new Greek government struggles to convince Europe of its resolve to cut the country’s bloated public sector, it also has to decide whether to face down the real domestic threat to Greece’s stability: the network of oligarch families who control large parts of the Greek business, the financial sector, the media and, indeed, politicians.

Since Mr Papandreou became prime minister, his government has been trying to crack down on habitual tax evaders. He made clear in a speech to parliament on Friday how deep his concerns are regarding the more dubious activities of some of Greece’s banks. We can only hope that the BlackRock audit, ordered by the troika, will be suitably forensic in uncovering what has really been going on in the financial system. Read full article in the Financial Times- registered users - or in Presseurop's nine other languages...

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