IMF Delegation To Meet Banking Groups In Vienna Re Lending Of Romania

Sources in the banking system told Mediafax news agency that the IMF delegation visiting Romania will also meet the presidents of the main foreign banks having subsidiaries in the country, which are in fact responsible for the big private foreign debt the country is registering.

"The IMF delegation will meet in Vienna the presidents of Erste Group, Volksbank, Raiffeisen International, Société Generale, UniCredit, EFG Eurobank, National Bank of Greece, Alpha Bank, Piraeus to get to an agreement stating they will continue to support their local subsidiaries," the sources said.

Romanian banks presidents and also representatives of the country's central bank will most likely take part too in the meeting in Vienna, the sources added.

Most of the money to be borrowed by Romania, or 13 billion Euro, will originate with the IMF, while other four billion Euro will come from n agreement in the European Council.

Romania will get another billion Euro from the European Investment Bank and a second one from the World Bank.

It seems there is agreement as to where the borrowed money will be channeled to: the IMF funds will go to the central bank; those from the EU and the World Bank will target the Ministry of Finance; while the money from EIB will get to private banks, to refinance the private loans.