Scandals The Looting of Greece

For the first time, a fallen tycoon tells how he embezzled millions

Greeks were exhilarated in 1981 when Andreas Papandreou and his Socialist Party swept to power. Their enthusiasm has long since turned to bitterness and disbelief as the worst financial and political scandal in four decades engulfs Greece. The press, the Bank of Greece, a magistrate and Parliament are delving into charges of corruption, seeking to uncover how more than $210 million disappeared from the Bank of Crete. Charges of embezzlement, kickbacks and bribery, of banknotes stuffed into briefcases, have been leveled against high officials.

The scandal has scorched the Socialist Party (PASOK), and public cynicism has increasingly focused on the party's...

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