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| MEDINA HEADLINES 18/03/2010 |
| (2010-03-18) |
| Last updated: 2010-03-19 15:23 EET |
There are now about 70 bankruptcies per day in Romania, with losses totalling 2.5 billion euros. These alarming figures are published in an article carried by Romania Libera, which quotes the head of the National Union of Insolvency Practitioners, according to who, over the first two months of the year, about 4200 companies engaged in bankruptcy procedures. Experts claim that a high number of employers opt for entering default, without having an accurate recovery plan, but only with the intention of steering free of debts. The most serious problem, Romania Libera writes, is that creditors manage to recover merely 10% of that money from debtors, as against a 20% at an international level. Last year, insolvency houses have reportedly filled back customers’ safes with almost 200 millions euros out of debts as high as 2 billion and a half euros. Practically, only budget creditors and creditors with guarantees recover their money.
Another article, published by Adevarul daily, dwells on pensions, a problem that affects both Romania, where it has turned into a topic of fierce debate, and the entire EU space. Experts bring even more worrying news: the future pension crisis will outpace the current financial crisis tenfold, forcing member states to gear up and reform the pension system. The looming pension crisis will be triggered by massive ageing and a drop in population numbers. Long-term problems have taken a rear seat, as governments have been seriously concerned with the economic crisis. According to a report of the European Parliament, quoted by Romanian daily Adevarul, in some EU states pension reforms were stopped or even recalled, due to protests, while other states delayed or even postponed the processes, and instead chose to obtain loans in order to maintain current systems.
All these decisions will, however, have devastating side effects. An extension of the retirement age seems inevitable, although the measure may be perceived as unfair by the people it is directed at, and it can be politically delicate, due to lack of its popularity. This is, in broad lines, the report’s conclusion. European experts, however, note there is a difference between the statistical life expectancy figures, which generally account for such a measure, and the actual, physical and psychic capacity of old persons to work and be as efficient as people 20 years their junior. Besides a higher retirement age, which the Romanian pension reform version also provides, other measures aimed at avoiding collapse are supporting the private pension system and eliminating early retirement.
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