The massive bank fraud known as the “heist of the century” has marked Moldova's steepest decline since its independence on many key directions, including in terms of politics and morals. This is argued in an IPN analytical piece titled “Independence 2015: The Year of Decline, the first and the last”. Columnist Valeriu Vasilica suggests that the losses recorded over the past year should be measured not by the direct costs but first of all by the opportunities that have been missed despite unprecedentedly favorable conditions.
“Generally, the 2014-2015 decline has manifested itself through the 'heist of the century', when by various estimations one billion dollars or euros was stolen from the banking system, which means roughly a half of the country's budget. While the actual figure can differ, what's certain is the act of the rip-off itself, blatant and cynical, and in amounts about which one foreign ambassador said he could not understand 'how can one steal so much from a country so small?' The big problem is not just and not so much the unprecedentedly large amount of the heist, but rather the direct and indirect effects that it produced or revealed. Effects that concern virtually all the aspects of societal life in Moldova”, says the columnist.
Economically, goes on the analysis, the country has missed an important part of the means to support the economy and businesses, in particular in terms of investment and major constructions, which means putting the brakes on development processes for an indefinite period of time.
“Higher energy tariffs and consequently higher domestic production costs will hit the businesses hard, including managers and specialists. The heist has strained Moldova's relations with its development partners, who suspended direct funding, sending a signal to potential investors. Currently, the list of this kind of consequences is far from being complete, and the losses and missed opportunities are growing exponentially. Much of them will never be recovered again”, says the columnist.
From a social point of view, Valeriu Vasilica argues that the 'heist of the century' has triggered a chain reaction of rising prices unprecedented in the last few years. “And this is fertile ground for ample protest movements and destabilization, which are incompatible with growth, social cohesion, prosperity and advancement on the path of European integration. The list here is incomplete as well, and the ultimate negative effects yet impossible to fathom”, concludes Valeriu Vasilica in the IPN analysis “Independence 2015: The Year of Decline, the first and the last”.
