In the 27-strong European Union, Greece fared the worst in the on Transparency International's corruption perceptions index.

The global watchdog said on Wednesday that Greece's global ranking on the corruption perceptions index slipped to 94th place this year, from 80th place in 2011.

In terms of public corruption, Transparency International ranked Greece on a par with economically much-weaker countries Moldova and Mongolia.

Economic experts said the report showed that Greece is not only suffering economic woes but also a crisis of values. Wide-spread corruption is hold back economic enterprise and competition in debt-laden Greece.

Costas Bakouris, who monitored corrupt practices as the chief of Transparency International's Greek chapter, stressed that Greece was in dire need to organize a fresh, corruption-free political way of operating.

Speaking on the topic, Bakouris said, "We need to create a political system where politicians care more about the fate of the country than themselves."

Transparency International ranked Somalia at the top of the corruption perceptions index. It said Somalia is the world's most corrupt country, followed by North Korea and Afghanistan, where poverty and social chaos prevail and lead to the repression of human rights.