Anti-corruption Measures: The Panacea to a Financial Cliff

Abstract

Cyprus and Greece, both members of the EU and the Eurozone, are currently in the throes of a devastating financial crisis. Public opinion surveys carried out in Cyprus (2010, 2011, 2012), Greece (2012, 2013) and the 2014 Eurobarometer identify the perceptions of and reasons for corruption, the category profile of the offender and likely measures considered to be effective by the public and the EU Commission. Following the survey findings and a review of the legislation in both countries to identify loopholes in the system, a number of suggestions are made in an effort to rebuild trust in the `archon' and set the `tone at the top'. The policy implications of the suggested measures aim to improve the two countries' image so as to attract foreign investment which will lead to economic growth and the IMF and the European Central Bank will consider the financial cliff the countries are facing from a positive angle.