The sort of pirate and parasitic capitalism that evolved in Greece over previous decades is to blame for many of the ills of today. Some of its manifestations were the culture of easy money and anything-goes entrepreneurship, the carefully orchestrated bankruptcies and stock manipulation.
Only a small number of the culprits were punished for their misdeeds – and that was mainly the result of politicians seeking to tarnish their political opponents.
Over the years, old and new business families shamelessly stole from their shareholders and their suppliers. They managed listed companies as if they were a family affair. Some of them wreaked havoc in the market, but refused to change their ways.
Faced with all the wrongdoing, responsible authorities and judicial officials mostly dragged their feet – in some cases provocatively so.
If we want to restore foreign investors’ trust in Greece, we must purge the system of corruption without delay.