Corruption costs EU over $162 billion a year

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Brussels: Corruption costs Europe $162 billion a year, or around one percent of economic output, according to the first ever report on graft in the 28-nation European Union by the executive European Commission. The reportĀ  named Greece as the worst performer in the EU, sharing 80th place with China. Denmark was seen as the least corrupt.

Many EU citizens believe corruption has become worse as a result of the deep economic and financial problems in the euro zone brought on by the sovereign debt crisis.