Welcome to Eastern Europe's debtors' club

Romania took out a loan on Wednesday of around 20 billion euros, 13 billion of which were provided by the International Monetary Fund (IMF). The daily Cotidianul comments on the nonchalance of the government regarding this huge mountain of debt. "We are no longer alone, we have joined the exclusive club of debtors in this part of Europe. And better still: [Romanian President Traian] Băsescu has assured us that come May the leu will reach the height of its glory in the midst of the crisis, once the first chunk of credit is transferred. … The IMF's memorandum will now be the bible of the executive. As soon as we learn the contents the governmental decisions of the next two years won't come as any major surprise. From an economic perspective the public will be able to measure the efficacy and appropriateness of the loan by two indicators: price stability and a revival in the lending sector. If these expectations are not fulfilled the whole thing was a raw deal."

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