Geoana: These days destiny of Romania’s economic relaunch is at stake

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President of the Senate Mircea Geoana, leader of the ruling Social Democratic Party (PSD), told a news conference on Wednesday that these days that destiny of Romania’s economic relaunch was at stake.

„It is clear that the deterioration of the economic situation will lead to the agreement with the IMF and the European Commission being negotiated again.

It is clear that these days they create or not the prerequisites for getting the second tranche of the loan from the Fund and the European Commission, which, under the circumstances of a dramatic economic decline, turn indispensable for ensuring a minimum budget stability and ensuring resources for pensions and salaries and the good functioning of the Romanian State,” said Geoana.

He mentioned the fact that the main aim of taking the loan from the IMF was not only to cover the budget deficit, but also to start again the flow of liquidity to the economy.

According to him, the businessmen in Romania „are short of breath without loans” and „the banks have become extremely scrupulous and sometimes really opaque” in their relation with them.

„What the Ministry of Finance does today is quite practical, it is the main money collector on the market, the commercial banks are OK, they make profit from trading state bonds and from the exchange rate, but actually the final aim, namely to start the loan, is not attained.

From my point of view, the first aim in the agreement with the IMF, with the European Commission, has not be attained, namely that the liquidity should go to the real economy. I think that these days the destiny of Romania’s economic relaunch is at stake.

Either we want to get out of the crisis relatively quickly, concurrently with the relaunch of the American and West European economy, or, if we do not take energetic measures now, we risk sinking even deeper.

I am making an appeal to a little courage and coherence.
It does not matter whether they are measures taken by PD-L [Democratic Liberal Party], PSD. It does not matter where the suggestions come from as long as they have a good effect on economy,” said Geoana.

On the other hand he assured of the support to the projects of the cities which had an important industrial tradition and have to cope with problems connected to jobs and in which the crisis is more intensely felt.

In his opinion, maximum attention should be paid in the time to come to the projects connected to the companies that are still in the portfolio of the Romanian State in order to turn them into modern efficient companies exerting much influence on the regional market.

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