Romania's economy left in the lurch

According to President Traian Băsescu, Romania will not make use of the final instalment of an emergency loan from the International Monetary Fund (IMF) on the grounds that the money is no longer needed. The daily Adevărul nevertheless takes a dim view of the future: "The end of the IMF agreement leaves in its wake an economy that has survived and a population whose living standard has clearly dropped. ... But shouldn't cuts also bring development? ... One of Romania's hitherto neglected possibilities is agriculture. It's all very well that we manufacture the Dacia Logan and supply parts for Mercedes and BMW. That's better than slogging it out in the textile industry. And yet when push comes to shove there's not a big difference. ... Our status as producing sub-contractor won't close the gap between us and our partners in the EU or other developed countries."

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