Someone stole 1/8th of Moldova's GDP

[jimmy olsen]

Now that's corruption! 

http://www.globalpost.com/article/6537732/2015/05/04/moldova-protest-stolen-1-billion

KYIV, Ukraine — When thousands filled the streets of Moldova's capital on Sunday, their complaint was pretty significant.

Late last year, about $1 billion disappeared in an apparent banking scandal that's mystified Europe's poorest country.

To put that sum into perspective, it's an eighth of the country's GDP. In United States terms, that portion of the economy would add up to more than $2 trillion.

The money reportedly vanished in a series of murky loans dealt out last November by three major banks — one of them state-owned — to as yet unknown recipients.

Officials wised up to the scheme only earlier this year.

Investigators, including the US auditing firm Kroll, are looking into the matter but have released few details. The speaker of Moldova's parliament finally released a report by Kroll late Monday night that implicated a Moldovan businessman in the scheme, but recommended further investigation.

Many Moldovans are mad about all this.

They say it's symptomatic of the widespread corruption that's plagued their country since the collapse of the Soviet Union.

That's also why Sunday's protest was about more than just missing money. It drew at least 10,000 demonstrators, police said. If that sounds unimpressive, consider that there are just 3.5 million people in Moldova.

Despite the growing prominence of pro-Western politicians who pledge to pull Moldova closer to Europe, critics claim the authorities have done little to clean up corruption.

Igor Botan, a political analyst and a member of the grassroots movement that organized Sunday's protest, believes the pro-European ruling coalition was complicit in the crime.

"Our country is a poor and agrarian country," he told GlobalPost on Monday. "But it's home to decent people who want their country to flourish, to be closer to European standards, and for it to find its economic niche alongside the European Union."

Some observers are wondering whether the protests can reach critical mass, just like in neighboring Ukraine.

For now, that seems unlikely.

But Moldovans are no doubt hoping a speedy and successful investigation will return their missing cash, however far-fetched that might seem. If not, that'll mean a hefty tab for taxpayers to cover.

Clarification: This story previously said that last weekend's protest was the largest in Moldova since 2009. In fact, there were also large demonstrations for and against European integration in 2013.

[Archy]

They already lost 1/8th of their surface, i suppose they are used to it by now

[Liep]

Go big or go home.

[Valmy]

Can somebody who knows something about Europe explain to me why it did not rejoin Romania when the Soviet Union collapsed?

[Zanza]

To put that sum into perspective, it's an eighth of the country's GDP. In United States terms, that portion of the economy would add up to more than $2 trillion.

The money reportedly vanished in a series of murky loans dealt out last November by three major banks — one of them state-owned — to as yet unknown recipients.

Didn't major American (and European) banks lose a lot of money (maybe not two trillion) in a series of murky loans a few years ago?

[Tamas]

Can somebody who knows something about Europe explain to me why it did not rejoin Romania when the Soviet Union collapsed?

As you can see, local leaders have a much freer reign this way, plus this was more in Russia's liking I assume.

[Valmy]

Didn't major American (and European) banks lose a lot of money (maybe not two trillion) in a series of murky loans a few years ago?

Probably. Major American banks lose lots of money all the time.

[Syt]

I have spoken to Romanians about that, and most said that while Moldova would have liked that, most Romanians didn't want them, mostly because of how run down the place was/is. But there seems to be a fair amount of exchange/cooperation between the countries.

[Valmy]

I have spoken to Romanians about that, and most said that while Moldova would have liked that, most Romanians didn't want them, mostly because of how run down the place was/is. But there seems to be a fair amount of exchange/cooperation between the countries.

Wait an East European country not wanting more territory? Times have certainly changed. I mean one of Romania's goals in joining the Axis was getting that territory back.

[Ed Anger]

Madoff sneers derisively at the amount.

[alfred russel]

Can somebody who knows something about Europe explain to me why it did not rejoin Romania when the Soviet Union collapsed?

I thought the USSR put out a lot of propaganda that the Moldovan language (& culture) is distinct from Romanian and apparently the population to some extent bought into it.

[Duque de Bragança]

Can somebody who knows something about Europe explain to me why it did not rejoin Romania when the Soviet Union collapsed?

As you can see, local leaders have a much freer reign this way, plus this was more in Russia's liking I assume.

There's this Transnistria question as well, with a Russian army keeping the status quo after a conflict in the early '90s.
Transnistria, not originally part of Bessarabia has only a third of Moldovans.
Last thing, the reminder of Bessarabia is in Ukraine.

Moldovan is at best (or worst depending on the viewpoint) a dialect of Romanian.

[Malthus]

1/8 of Moldovia's GDP?

You could certainly buy a sausage with that. 

[Monoriu]

10,000 protesters out of a population of 3.5 million is a lot?  Come on, we have half a million people protesting all the time out of a population of 7 million and that's not that big a deal.

[Eddie Teach]

Come on, we have half a million people protesting all the time out of a population of 7 million and that's not that big a deal.

7% of your population attending a protest is a pretty big deal. And you certainly seemed to think it was a big deal several months ago, when some of the protesters were blocking streets & your workplace.