Thursday, January 28, 2010

The Tiny Regulator Fiefdoms of Greece...

...lead to bribery's on top of bribery's, says Bloomberg:
When Aris Kefalogiannis started his olive oil company in Athens more than a decade ago, he says, bureaucrats in crowded offices demanded bribes to approve long lists of permits. After a year of dodging shakedowns, Kefalogiannis moved the legal seat of his company, Gaea Products SA, to the small city of Agrinion. Government outposts there had fewer functionaries looking for payoffs, he says.

“Bribery is a result of the bureaucracy,” says Kefalogiannis, 49, the company’s chief executive officer. “People get fed up and will pay anything not to waste more time. It leads to slower growth and less investment in Greece.”

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