President Basescu: Public money squandering seen in 2008 cannot repeat

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President Traian Basescu on Tuesday stressed there are enough politicians in Romania who fail to realize that ‘the public money squandering seen in 2008 cannot repeat’.

‘The public sector institutions have currently become the biggest hazard to the relaunch of the economy and my stand is going to be a consistent one of calling to responsibility, no matter what the political risks this year. I think there are enough politicians in Romania who fail to realize that the public money squandering seen in 2008 cannot repeat, since even in the event of a mere attempt to repeat such irresponsibility Romania would go on substantial slippage.
That is why I want to assure you that the need for austerity is very well understood at the level of the Presidency and I also assure you that no public pressure will change my position’, the president told a meeting with the members of the Foreign Investors Council.
Basescu told those present that he is aware the basic area in which such squandering should end is the public sector.

‘At this moment we have a major hazard and it is called the electoral hazard. My consistent effort is to persuade the political class that we cannot repeat the errors of 2008, as they are errors that cost us enormously in two areas: the first one was the excessive budget deficit at 5.3 percent as compared to 2.6 percent that was the budget approved by Parliament and secondly the irresponsible spending of the National Development Fund, i.e. 3.2 billion euros resulted from the sale of BCR (the Romanian Commercial Bank – editor’s note) which if we had had today, we should have looked at the issue of foreign loans in a totally different manner. This would have been unconditional money that the Government would have had at its disposal’, Basescu pointed out.

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