Analyst Ilie Serbanescu: Romania can declare insolvency

A tax rise will not have immediate effects on the budget and will not solve the issue of pensions and wages, but instead Romania could declare itself insolvent, for the foreign governments to pay its debt, analyst Ilie Serbanescu on Friday told.

„If we rise taxes, the effects will be visible only in a few months, but pensions and salaries must be duly paid. A country that pays pensions and wages from loans is in bankruptcy. I say we should declare our insolvency and have the debt, which is not ours to bear, be paid by foreign governments,” said Serbanescu in response to the ruling of the Constitutional Court of Romania (CCR) that rejected the law on the reduction of pensions.

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