Basescu: Romania should no longer borrow money to pay wages

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President Traian Basescu said Thursday evening that he expects the new government to start off a process of restoring the standards of living of the population if the economy allows, insisting that Romania should no longer borrow money to pay wages.

„I am expecting this government to continue the vital part that aims to consolidate Romania’s economic and financial state and, at the same time, I am expecting a process of restoring the living standards of Romanians to be started after the first quarter, if the economy meets our expectations. Yet, I repeat, only if the economy allows us to. Romania should no longer borrow money to pay wages, as it should no longer borrow money to pay for the social security. There will indeed be a major structural deficit left in the public pension pool and in order to cover it we will borrow money; 3.6 billion euros is no small deficit for Romania, but we will have to cover it both from the government receipts and from borrowings. Otherwise, until we solve the problem of the structural deficit in the pension pool, we should no longer borrow money,” Basescu said in a speech to the swear-in ceremony of the Mihai-Razvan Ungureanu Cabinet.

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