Who's holding up Moldova?

WANTED: well-connected fraudsters who pulled off a $1 billion bank heist that robbed Moldova of an eighth of its GDP. Moldova, a small country wedged between Romania and Ukraine, is the poorest country in Europe. The theft, which happened in November, led in turn to the bankruptcy of the country's three major banks, a currency crisis, and a sharp economic slump. Government tax revenues had already taken a hit, but then came the political woes: all major parties had members implicated in the heist. Accusations of corruption flew not only at politicians, but also at the judiciary, central bank, commercial banks, and the state prosecution service. Amid evidence of deeply embedded corruption, Moldova’s major international funders (the EU, IMF, World Bank and European Bank of Reconstruction and Development) froze their support, leading to the withdrawal of some hospital services, and impending problems for paying government salaries. Last week, the Moldovan parliament voted in a new prime minister after...Continue reading

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