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| MEDIA HEADLINES 04/06/2010 |
| (2010-06-04) |
| Last updated: 2010-06-07 14:02 EET |
“The clock is ticking in our hands”, headlines the daily newspaper GANDUL, quoting an official of the National Bank of Romania as saying. Under this heading, the aforementioned newspaper carries an article on the difficult economic situation in Romania and the country’s financial prospects. Bucharest is pressured by the International Monetary Fund to reduce public spending by 3% of the GDP, as a requirement for the disbursement of the 5th payment of the loan agreed upon in the spring of 2009. “If its letter of intent to the IMF is sent too late to get the approval of the board, which is due to meet on June the 28th, Romania will lose over 2 billion Euros this year”, says the advisor of the governor of the National Bank of Romania, Adrian Vasilescu. He says that “if we lose the IMF payment, we will lose all loans from the European Commission and the World Bank, and in this context, foreign markets will turn their backs on us no longer lend us.”
Everybody agrees that public spending should be reduced, but each has different views of the way in which the government should do it. The Bucharest authorities have decided not to increase taxes, but to reduce state sector salaries by 25% and pensions by 15%. For these austerity measures, the Boc cabinet will assume responsibility, involving a motion of confidence in parliament. Unhappy about the ongoing situation, Romanians took to the streets. Unlike the capital city, where there is peace and quite for the moment, trade unions have staged numerous rallies across the country, with protesters chanting slogans against the government and the president, the daily JURNALUL NATIONAL writes. As of next week, protesters will take to the streets of Bucharest, as well. The peak of social protests might be reached as Parliament votes on the measures proposed by the Boc cabinet which might lead to the collapse of the government. But how likely is this scenario, in the context in which the political parties backing the government hold, at least theoretically, a comfortable majority in parliament? The daily BURSA makes calculations: “the censure motion stirs heated debated in parliament: MPs of the Social Democratic Party, National Liberal Party and the Conservative Party are all optimistic that the censure motion will pass. The Liberal Democratic Party recommends to its own MPs to restrain from voting, for fear of treason. The Democratic Union of Ethnic Hungarians says this is a humiliating gesture and that its representatives will be present in the voting room.
The independents, on the other hand, say a government reshuffle is a certainty. The daily ROMANIA LIBERA looks at the situation in the country in an interview with the former prime minister between 2004 and 2008, Calin Popescu Tariceanu. Tariceanu “who has been excluded from the first ranks of the National Liberal Party by the party list voting imposed by leader Crin Antonescu”, as ROMANIA LIBERA puts it, draws the following conclusion “public spending is not our biggest problem today, but rather the things that we should do to restart the engines of the economy.”
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