Deputy PM Dan Nica: Romania avoided a disaster this year

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Romania avoided a disaster this year, respectively a 14 percent decline of its Gross Domestic Product (GDP), eventually translated into a salary and pension cut by 20 percent, stated on Monday Deputy Premier Social Democrat Dan Nica.

He maintained that the disaster was avoided due to the Government taken credible measures, which otherwise succeeded to convince the International Monetary Fund to give the loan to Romania.

„This year, Romania avoided a disaster and the fact that we have a Government capable to take the needed decisions is clear. A 14 percent plunge of the GDP was avoided – a situation set to lead to a 20 percent cut in salaries and pensions.

We succeeded to avoid it, we have a predictable economic decline till the end of 2009, of 8 percent.

And the fact that the Govt. adopted measures were credible for all made possible this extraordinary financing line because IMF has no habit to also cover the budget deficits, but they saw the devastation brought by the economic crisis in Europe”, said Dan Nica.

According to him, a 20 percent cut in salaries and wages at the current level would have been unbearable.

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