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| MEDIA HEADLINES 29/10/2008 |
| (2008-10-29) |
| Last updated: 2008-10-30 13:25 EET |
Romania may very well be the next victim of the world financial crisis, or at least that's what it looks like if you read Romanian papers between the lines. Romania Libera writes that while the authorities rule out any funding problems that require loans from the IMF, Romanian economic experts calls for the immediate drafting of an anti-crisis plan. The daily carries the opinion of economist Daniel Danianu according to which internal politics is utterly insensitive to the dangers facing Romania. Daianu refers to the passive attitude of the Central Bank and the disputes over the 50% increase in teachers' salaries which have created a wide gap between the Tariceanu government, on the one hand, and the President, Parliament and trade unions on the other.
“Because of Tariceanu and Basescu, the crisis will hit us faster that it needs to”, writes the daily Gandul, explaining that Romanian politicians are trying to confirm that Romania is in a crisis, a diagnosis established by rating agencies whose more or less disinterested recommendation to the Romanian government is to borrow money from the IMF. The daily Adevarul writes that Standard & Poor's Agency has revised Romania's rating from safety class A to class B. “This means, writes the same daily, that it will be more difficult for us to make the necessary loans for development, while for investors Romania will be a much riskier affair than before.” Economic experts in Bucharest urge the government to pursue a stricter salary and fiscal policy: “let us not shoot ourselves in the leg”, urges former finance minister Sebastian Vladescu in an interview carried by the daily Bursa. “The greatest danger facing Romania, he says, is the growth of budget expenditures for salaries. We should invest in creating jobs and paying salaries which are supported by the economy.”
On the Romanian labour market, the effects of the world financial crisis are becoming more and more pressing. A large number of small and medium sized companies are facing closure, the big industrialists are no longer hiring new people, and large factories like Dacia Renault and Acelor Mittal say they will cut production. The 2009 prediction of the daily Evenimentul Zilei looks like an apocalyptic scenario including widespread bankruptcy, the return of migrant labour, restricted loans, lower consumption and a real estate recession. In a nutshell, headlines the daily Ziua, Romanians will soon have to cope with the apocalypse.. after Tariceanu.
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