Geoana: Romania to go through tough financial and economic period this fall but economy to rebound next year

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Romania will go through a difficult financial and economic period this fall, throughout September and October, but there are positive signals that economy will rebound as of next year, head of the Social Democratic Party (PSD) Mircea Geoana told a press conference on Tuesday in Sibiu.

‘It is obvious that the second half of the year will be very difficult,’ Geoana said, adding that it was compulsory for Romania to meet the conditions so as to receive the second installment of the foreign loan from the IMF and the EC on September 15th, so much the more as September and October will see a ‘big hole in the budget’.

According to Geoana, there are ‘good signals from America’, according to which in Q3 of this year the US economy will start to recover, and that will positively influence the economy of the European countries.

‘We are sending out a more optimistic message but we also signal the fact that the country will go through a tough period this autumn,’ the PSD leader said.

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