President Basescu: Social crisis is also foreshadowed

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Under the circumstances of the economic crisis, a social crisis is also foreshadowed, President Traian Basescu warned during his meeting with the members of the Foreign Investors Council (CIS), on Tuesday.
In this context, the Romanian president urged the CIS members to think well before laying off staff.

‘It is clear that a social crisis is also foreshadowed. In this respect, I urge you all, shareholders, investors, employers, and if you please this appeal is also a sort of request to think ten times before you massively lay off people. The budget is limited and even if this is not a specific thing for a dynamic market economy, I ask you to analyze the possibility of being the Government’s partners in its attempt to curb the social effects as much as possible. When I say as much as possible I don’t mean that the effects can be avoided,” President Basescu said.

He added that on the EU market, some powerful economies had the prospects of shrinking their GDPs by 4-6 percent compared to last year, and it is important to avoid Romania’s economic slippage that could get immediately extended to a catastrophic social slippage.

There will definitely be a rise in the unemployment in Romania, President Basescu pointed out, adding that the same as he had asked the banks to join a partnership with the Government, he asked now the foreign investors to try to diminish the crisis effects, to the utmost. On the other hand, he admitted that although the banks said yes to the partnership, that had no tangible, visible effects yet and this is the reason why he might meet the bank officials again during the period ahead.

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