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Jurnalul.ro Vechiul site Old site English Version IMF saved Romania from bankruptcy

IMF saved Romania from bankruptcy

27 Mar 2009   •   00:00

Romania, one of the poorest EU countries, is the third country in the European block that, due to serious economic problems, needed the "injection of funds" from the IMF to avoid getting to state bankruptcy and agreed with tough conditions, the international press reported yesterday.

Euronews writes that "Romania receives a 20 billion euros injection of capital", being the third country in the EU that called for help, "because there existed a state bankruptcy possibility".

According to the quoted sources, the International Monetary Fund would consider a decrease in the economy by 6%. "Bucharest has accepted a series of tough conditions for the borrowed money", Euronews believes. They added that the Government pledged to freeze the public sector wages and try to reduce the budget deficit to 4.6% of the GDP.

Die Welt notes that the EU and the IMF "help Romania in a difficult moment". The German publication reminds that, on Thursday, the IMF is to meet in Vienna with the major foreign banks operating in Romania, to discuss about the guarantee that they would not draw money from the country. Furthermore, Die Welt recalls that the EU would welcome a long-term commitment from the foreign banks for their business in Romania.

"Romania's economical decrease surprised everyone. In January, President Traian Băsescu insisted that the EU's financial support would be sufficient in the worst possible case. However, the fewer exports and the nervousness of the investors required another strategy for this situation", notes the Financial Times, the first newspaper that wrote about the value of the loan granted by the IMF.

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