Romania deeper in the red

Last week Romania received the third instalment of a loan disbursed by the IMF which had been deferred by months of government crises. The daily Gândul takes a dim view of the debt burden incurred by the 20 billion-euro loan financed jointly by the IMF, World Bank and EU: "On a pessimistic scenario economic growth won't bring enough money into the budget to pay off either the interest or the loan itself. At that time whatever government is in power will have to announce that pensions and salaries will cut, people will be laid off, and Romanians must cinch their belts as best they can as there isn't enough money in the coffers. It remains to be seen what those in power will say when Romania's economy is growing and we are out of the crisis, but living standards are no better, if not worse, than during the crisis."

» to the homepage (external link, Gândul)
More from the press review on the subject » Economic Policy, » Romania
All available articles from » Victor Rotariu

» To the complete press review of Monday, March 1, 2010