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| HOW MUCH AND UNDER WHAT TERMS WILL ROMANIA CONTRACT A FOREIGN LOAN? 10/03/2009 |
| (2009-03-10) |
| Last updated: 2009-03-11 16:24 EET |
According to Basescu, Bucharest is not in need of support for the state budget or for other state payments, but a foreign loan is necessary because of the current account deficit and of debt in the private sector. And supporting this sector, whose foreign debt amounts to 24 billion Euros this year, is crucial, the president said, as the loan was used for investments, and a prospective defaulting on payment for players in the private sector would be tantamount to a downturn in production and the loss of thousands of jobs. Basescu also said Romania could access money from a 30 billion Euro fund made available by the European Union for East European countries. Recently, European commissioner for Economic and Monetary Affairs Joaquin Almunia said that Brussels was ready to start negotiations with Romania on financial aid meant to assist the country’s economy in coping with the economic crisis.
“The European Union does not have the instruments to check the use of money and to assess the macroeconomic situation. If we want to access the funds the EU made available to its new members, we need to do that under a partnership with the International Monetary Fund. “
The Romanian daily paper GANDUL headlines “ Basescu is asking the grass roots to swallow the IMF pill on an empty stomach” noting that in his speech President Basescu avoided tackling the practical implications of such an accord. The paper says that quote “The countries that got money from the Fund had to freeze salaries, cut public spending and increase certain categories of taxes. For instance, Hungary increased VAT by 2% and cut public spending by 2% of the GDP. Actually, an accord with the IMF eliminates right from the start all sorts of pay raises for the state-employed, or increases of pensions” end of quote.
A heading in the daily paper ZIARUL FINANCIAR derived from president Basescu’s statement, which goes as follows: ” The ongoing economic crisis is equally a risk and a chance.” Because, Basescu also said, quote “ the initiation by the Government of the state reform program could be Romania’s chance to emerge modernized and implicitly stronger from the period of crisis”. Unquote.
The paper COTIDIANUL brings together the reactions of the political class to Traian Basescu’s speech. The president of the Senate, Social-Democrat leader Mircea Geoana criticized President Basescu and voiced hope that quote ”this safety belt should not turn in Romania into a chastity belt, for fear we should not have the necessary resources for social protection and for the necessary public investments”. End of quote.
Former Prime Minister, liberal Calin Popescu Tariceanu believes, quote ” the President did not come up with solutions, but only with criticism” unquote. Speaking on behalf of the Liberal-Democrats, the party whose rank-and-file member Traian Basescu formerly was, deputy Mircea Toader described the president’s message as a correct one. Romania’s representative to the IMF, Mihai Tanasescu, also quoted by COTIDIANUL, has spoken the president’s mind, quote:” Romania cannot withstand the decline of the foreign markets without a loan.” End of quote.
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