Romania could go over 20 billion Euros debt by end-year, Bogdan Olteanu says

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Romania’s debt degree could reach by end-year some 20 billion Euros, given that early August the debt attained 15 billion Euros and 63 billion RON, the Chamber of Deputies liberal vice-chairman Bogdan Olteanu told a news conference on Sunday.

„At the beginning of August, the debt rose to 15.5 billion Euros and 63 billion RON. So, by the end of the year, with the bonds to be issued the 20-billion Euros threshold could be exceeded”, Olteanu said, stressing that the deadline for these debts is 2012-2013 and 2014 „so that the next legislature pays these costs”.

According to the calculation made by liberal Bogdan Olteanu, as regards the money from the International Monetary Fund, whose interest rate is 700 million Euros, each and every Romanian tax¬payer should pay some 1,800 Euros, should the nine-billion Euros credit is divided to five million tax¬payers.

Olteanu added that the Government has also borrowed some 12.5 billion Euros from the banks operating in Romania with a higher interest rate, of around 11 percent per year, and the tax¬payers should pay some 2,400 Euros to cover these loans.

„After six months, the capital expenditure only represented 1.5 percent of the GDP, meaning less than a quarter of what was promised. The money went to consumption, pensions and salaries. The only solution to pay is the tax-payers’ effort”, Olteanu added.

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