“My message is clear, we do not need another loan from IMF and I exclude this possibility as Romania proved its capacity of borrowing money from the internal and external markets,” said Tanasescu, adding the authorities should cooperate constantly with the financial institutions. “A partnership with the European Commission and IMF is an additional anchor ...
Farmers initiated violent protests in front of the Agriculture and Finance ministries early in the morning. Meanwhile, interim Minister of Finance Gheorghe Pogea had to provide explanations to the Parliament for three hours during the hearings for the validation of the new government. Thus, he was unable to participate in the meeting with IMF officials, ...
The financial institution estimates that the losses of local lenders caused by nonperforming loans could amount to nine percent of Romania’s gross domestic product (GDP), namely RON 43 billion (some €10 bln), almost one quarter of the total nongovernmental loan. However, this amount is lower than in other countries, such as Poland and Hungary, where ...
“We negotiated this rate with the [Ministry of] Finance for four months. This is the best option. We already took out the loan, €187.5 million, with grace period until 2011, and six years to reimburse. This is indeed the largest syndicated loan this year. It is only natural that it be CNADNR that contracted this, ...
His strategy for the next two years seems to have been drafted very carefully. “We clearly need a production capacity between 600 and 1,000 megawatts,” said David, who estimates that an investment of €800 million in a 600 MW unit can be easily attracted. Hidroelectrica is currently negotiating with several banks for loans exceeding a ...
The message of banks is clear: “Money is still expensive, risks are still great, so you have to pay more.” High risk margins has driven up the price applied by banks to unsecured loans, cancelling any announced declines in interest rates, and even exceeding such cuts.
Economists go as far as suggesting that the issue should be postponed. As the political scandal continues, President Traian Basescu is in no rush to sign the request for Nica’s removal from office presented to him by Prime Minister Emil Boc. Basescu said that he is waiting for the Democratic Liberal Party (PDL) and the ...
IMF was to approve yesterday the second letter of intent signed with the Romanian state after assessing the country’s economy in August, and release the second tranche of the some €13 bln two-year loan. The €1.9 bln will be split equally between the reserves of the National Bank of Romania and the state’s Treasury for ...
