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Report highlights business-political nexus and corruption's $162.19bn annual cost to European economies.
The effort of an anti-corruption protest movement has been undermined by a draft law to grant immunity to politicians
Adrian Nastase was found guilty of receiving bribes totalling $858,000 from a construction entrepreneur.
Constitutional court rejects bid to impeach President Traian Basescu after majority failed to vote in referendum.
In a controversial vote, the country's ruling coalition failed to muster enough support to oust an unpopular leader.
London is considered the "capital of capitalism" allowing foreign billionaires to stash tax free income offshore.
Once considered an economic success story in Europe, it has seen its hopes overturned.
Alan Fisher in Mioveni, Romania

Romania's electoral committee has confirmed that centrist opposition leader Traian Basescu has won the tight presidential run-off against centre-left Prime Minister Adrian Nastase. 

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More than one-quarter of Gaza's population has been displaced, causing a humanitarian crisis.
Ministers and MPs caught on camera sleeping through important speeches have sparked criticism that they are not working.
Muslim charities claim discrimination after major UK banks began closing their accounts.
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
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