Anti-corruption Measures: The Panacea to a Financial Cliff

  • Maria Krambia-KapardisEmail author
  • Nestor Courakis
Part of the International Library of Ethics, Law, and the New Medicine book series (LIME, volume 68)


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.


Civil Servant Criminal Code Corruption Perception Index Electoral Accountability Disciplinary Committee 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


  1. ACFE. 2010. Report to the Nations on occupational fraud and abuse. Accessed 20 Mar 2013.
  2. Aghion, P., A. Alesina, and F. Trebbi. 2004. Endogenous political institutions. Quarterly Journal of Economics 119(2): 565–611. doi: 10.1162/0033553041382148.CrossRefGoogle Scholar
  3. Alesina, A., A. Devleeschauwer, W. Easterly, S. Kurlat, and R. Wacziarg. 2003. Fractionalization. Journal of Economic Growth 8(2): 155–194. doi: 10.1023/A:1024471506938.CrossRefGoogle Scholar
  4. Ali, A.M., and H.S. Isse. 2003. Determinants of economic corruption: A cross-country comparison. Cato Journal 22(3): 449–463.Google Scholar
  5. Anokhin, S., and W.S. Schulze. 2009. Entrepreneurship, innovation and corruption. Journal of Business Venturing 24: 465–476. doi: 10.1016/j.jbusvent.2008.06.001.CrossRefGoogle Scholar
  6. Ashiku, M. 2011. Political transition, corruption in new democracies. Special Case Albania. International Journal of Economic Research 2(3): 111–124.Google Scholar
  7. Ashworth, A. 2010. Sentencing and criminal justice. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  8. Association of Certified Fraud Examiners. 2010. Report to the nations on occupational fraud and abuse: 2010 Global Fraud Study. Accessed 21 May 2013.
  9. Baro, R. 1996. Democracy and growth. Journal of Economic Growth 1(1): 1–27.CrossRefGoogle Scholar
  10. Bose, N., S. Capasso, and A.P. Musrshid. 2008. Threshold effects of corruption: Theory and evidence. World Development 36: 1173–1191. doi: 10.1016/j.worlddev.2007.06.022.CrossRefGoogle Scholar
  11. Braithwaite, J. 1989. Crime, shame and reintegration. Melbourne: Cambridge University Press.Google Scholar
  12. Campos, J.E., D. Lien, and S. Pradhan. 1999. The impact of corruption on investment: Predictability matters. World Development 27: 1059–1067. doi: 10.1016/S0305-750X(99)00040-6.CrossRefGoogle Scholar
  13. Council of Europe. 1999. Civil law convention on corruption. Accessed 12 Mar 2014.
  14. Courakis, N., and G. Mannozzi. 2013. Confronting corruption in Greece and Italy. Honorary volume in memory of professor Dr. Chr. Dedes, 11–44. Ant. N. Sakkoulas Publishers.Google Scholar
  15. De Figueiredo, J.N. 2013. Are corruption levels accurately identified? The case of U.S. states. Journal of Policy Modelling 35: 134–149. doi: 10.1016/j.jpolmod.2012.01.006.
  16. European Commission. 2014a. Flash survey. Accessed 6 Feb 2014.
  17. European Commission. 2014b. Report from the Commission to the Council and the European Parliament, EU anti-corruption report, COM (2014)38 final, Brussels.Google Scholar
  18. European Commission. 2014c. Report from the Commission to the Council and the European Parliament, EU anti-corruption report, Annex 8 Greece, COM (2014)38 final, Brussels.Google Scholar
  19. European Commission. 2014d. Report from the Commission to the Council and the European Parliament, EU anti-corruption report, Annex 13 Cyprus, COM (2014)38 final, Brussels.Google Scholar
  20. European Commission. 2014e. Special eurobarometer. Accessed 6 Feb 2014.
  21. European Commission. 2014f. Press release: Commission unveils first EU anti-corruption report, 3 Feb 2014, IP/14/86.Google Scholar
  22. European Commission. 2012. Road map technical assistance–for anti corruption. Accessed 15 Mar 2014.
  23. Ferraz, C., and F. Finan. 2011. Electoral accountability and corruption: Evidence from the audits of local governments. American Economic Review 101: 1274–1311. doi: 10.1257/aer.101.4.1274.CrossRefGoogle Scholar
  24. Galoukas, D. 2013. Transparency: National anti-corruption plan. Accessed 18 Jan 2014.
  25. Holmberg, S., B. Rothstein, and M. Nasiritousi. 2009. Quality of Government: What you get. Annual Review of Political Science 12: 135–161. doi: 10.1146/annurev-polisci-100608-104510.CrossRefGoogle Scholar
  26. KPMG. 2011. Fighting fraud during and after the financial crisis. Accessed 15 March 2013.
  27. Krambia-Kapardis. 2013. Anti-corruption measures in Cyprus…/TIC_Suggestions_Anticorruption-Measures_english_March-13.pdf. Accessed 15 April 2013.
  28. Krambia-Kapardis, M. 2014. Perception of political corruption as a function of legislation. Financial Crime Journal 21(1): 44–55.CrossRefGoogle Scholar
  29. Krusell, P., and J.V. Rios-Rull. 1996. Vested interests in a positive theory of stagnation and growth. The Review of Economic Studies 63: 301–329. doi: 10.2307/2297854.CrossRefGoogle Scholar
  30. Lambropoulou, E. 2013. Public vices-private virtues? Corruption and its discourse in Greece. Saarbruecken: Lap Lambert Academic Publishing.Google Scholar
  31. Mauro, P. 1995. Corruption and growth. Quarterly Journal of Economics 110(3): 681–712.CrossRefGoogle Scholar
  32. Mauro, P. 1996. The effects of corruption on growth, investment, and government expenditure. IMF Working Papers 96/98, International Monetary Fund.Google Scholar
  33. Mauro, P. 1998. Corruption and the composition of government expenditure. Journal of Public Economics 69(1998): 263–279.CrossRefGoogle Scholar
  34. Neocleous, P., C. Stamatiou, and A. Solomou. 2012. Cyprus. In Anti-corruption regulation 2012 in 54 jurisdictions worldwide, ed. H.E. Moyer, 77–81. Accessed 23 March 2014.
  35. Officer, D., and Y. Taki. 2013. The state we are in. Nicosia: University of Nicosia Press.Google Scholar
  36. Rose-Ackerman, S. 1999. Corruption and government: Causes, consequences and reform. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  37. Rose-Ackerman, S. 2004. The challenge of poor governance and corruption. Copenhagen consensus challenge paper. Accessed 15 Apr 2013.
  38. Spinelli, C. 2014. Beliefs and Attitudes of Greek students towards corruption. EUCPN’s Newsletter, 2014; forthcoming.Google Scholar
  39. Tanzi, V., and H. Davoodi. 1997. Corruption, public investment and growth (IMF Working Paper No. 97/139). Accessed 18 Mar 2013.
  40. Transparency International. 2013. 2013 CPI index. Accessed 15 Mar 2014.
  41. Transparency International Cyprus. 2013. 3rd annual corruption perception survey. Accessed 15 Feb 2014.
  42. Transparency International Greece. 2012. National survey on corruption in Greece, public issue.‎. Accessed 15 Feb 2014.
  43. University of Gothenburg. 2010. Measuring the quality of government and subnational variation. Accessed 20 March 2013.

Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  1. 1.Cyprus University of TechnologyLimassolCyprus
  2. 2.Faculty of LawUniversity of AthensAthensGreece

Personalised recommendations