Ukraine is the latest country to discover that cronyism and corruption in politics pays – a lot – and is very unhappy about it.
As a result of an anti-corruption reform requiring senior Ukrainian officials to declare their wealth online, the local population has been been exposed to the vast difference between the fortunes of politicians and those they represent.
As Reuters reports, some declared millions of dollars in cash. Others said they owned fleets of luxury cars, expensive Swiss watches, diamond jewelry and large tracts of land – revelations that will crush public confidence in the authorities in Ukraine, where the average salary is just over $200 per month. Officials had until Sunday to upload details of their assets and income in 2015 to a publicly searchable database, part of an International Monetary Fund-backed drive to boost transparency and modernise Ukraine’s recession-hit economy.
This post was published at Zero Hedge on Oct 31, 2016.