The EU opts to delay €1 billion tranche

The European Commission, whose mission is presently in Romania for a review of the country’s economy, has decided to delay the payment of its €1 billion loan tranche until next year, according to an announcement by President Traian Basescu and leader of the National Liberal Party, Crin Antonescu, quoted by Realitatea TV last evening. The Commission warned, as early as last week, that it would not release the second tranche of its €5 billion loan in the absence of an approved 2010 budget. To make up for this amount, the Ministry of Finance will have to resort to supplementary loans. The EC’s first tranche was worth €1.5 billion.