The euro crisis started in Greece, and it won’t be over until doubts over Greece’s prospects are erased.
That this is still some way off was clear from Greece’s latest bailout review, the longest and most attritional yet. After seven months of haggling, the troika of official lenders—the European Commission, the European Central Bank and the International Monetary Fund—reached a deal last week that should be formalized by European Union finance ministers next month. It paves the way for the release of €8 billion ($11 billion) needed to repay maturing bonds.
Corruption in Russia is deeply entrenched and permeates all levels of Russian society. It causes significant financial loss to the Russian economy in terms of gross domestic product and considerably lowers the country’s attractiveness as a foreign direct investment destination. Despite a recent positive trend, as evidenced by various international indicators measuring the perception of corruption, Russia continues to lag far behind its G8 and G20 peers in the rankings.
The Russian leadership’s decision to step up its efforts to curb endemic corruption in Russia was prompted by its ambition to facilitate Russia’s further integration into the global economy, by obligations under international anti-corruption instruments and by commitments made within the G8 and G20.
In 2008, then-President Dmitri Medvedev signed an anti-corruption framework into law, and this has been repeatedly broadened and tightened. However, the fight against corruption has so far not made much headway. Law enforcement has remained ineffective and selective, allowing for impunity, notably…