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A little from column A, a little from column B. Of course creditors are after their money, that's what loans are for. And anti-corruption measures do have the a
by vacri 11y ago
A little from column A, a little from column B. Of course creditors are after their money, that's what loans are for. And anti-corruption measures do have the ability to work well.
For example, during the early 90s, Australia had a recession. Due to this recession, more stringent banking laws were introduced. Fast forward to the GFC, and the entire globe is running for cover. The Australia dollar tanked because everyone thought that the economy would die and the banks would collapse. On the contrary, due to the tightened banking laws, the 'big four' Australian banks all kept their credit rating. All of them. At a time when most banks were slipping.
Times of national pain like this are the times to slip in significant reform. Greece has an endemic corruption problem, and independent of anything else, this is a good excuse to 'stop the rot'. Or we could just point fingers everywhere, make it no-one's problem and no-one's responsibility, and not progress at all.
And if you've been watching the news lately, the big economies are all looking at ways to counter tax avoidance by corporations, as it's a significant problem. It's a complete misrepresentation to say that there's no concern or effort being made there.
- justincormack 11y agoAustralia was bailed out in the financial crisis by high and rising commodity prices, and the banks are supported by a massive house price boom.