More than five billion euros are estimated to be laundered in Greece on an annual basis, versus 1.6 billion euros two years ago, according to bank officials and government sources.

The growing extent of corruption in Greece has been confirmed by a recent World Bank report that shows the country is losing the battle against graft, which costs businesses and the Greek taxpayer 3.5 billion euros each year.

This figure consists of almost 1.2 billion euros handed over by businesses to push through requests or speed up red-tape procedures.

Greece’s position slipped last year in four of the six indices used to measure a country's government efficiency. For example, Greece fell far short of the averages shown by Organization for Economic Cooperation and Development (OECD) and European Union countries.

Greece's government efficiency compares to levels seen in Costa Rica, Chile and Mauritius, according to the World Bank

Also, it stated that developing countries such as Hungary and the Czech Republic have been improving at a faster rate than Greece.