Basescu: I totally reject variant in which Romania contracts loan from IMF

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Romanian President Traian Basescu on Monday (Jan 27) evening told a TV broadcast at the pubic TV channel he totally rejects the variant in which Romania contracts loans from the International Monetary Fund (IMF).
 
"I totally refuse the variant in which Romania will ask the International Monetary Fund to lend it, let's say 10 billion euro. Although I can tell you Romania needs the money to finance its current debt. Government Tariceanu had contracted, in the context there were not enough revenues to the state budget, short term and very short term loans. In a month, or two or three months, we have to give the money back," Basescu said.
 
The Romanian head of state also specified Romania needs some 6 billion euro so as to cover what has already been contracted and reached maturity.
"The solution is to take money from Europe. Not from the Fund, but from the European Union, as much as we need to borrow. We don't know exactly how much: maybe 1 billion, maybe 5 billions or 7.
 
I don't want money from the IMF, as I find it very difficult to accept the idea that we are going back to the 1990s, when we used to borrow money from the Fund. The European Union gives money in a more controlled manner. The European Union has not a supervisory body to confirm the money a country takes from it is used in a correct manner. So that we should conclude a financing agreement with the EU and a monitoring agreement with the IMF, but not a loan," the head of state said.
 
Traian Basescu also mentioned the situation in Romania is not the same as the one in Hungary, with this country being forced to invest in the banks.
"We are not in the situation of Hungary. We are in a much better situation. We don't need to inject money in banks. The Hungarian banks are hundred percent private too, but this country's Government found itself in the situation to inject money in the banks," the President said.
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