Romania Is Better Off Than Certain Eurozone Countries – President

„Romania is far from being included in the category of countries faced with the biggest difficulties. There are countries within the Eurozone whose situation is more difficult”, said Basescu.

The Economic and Financial Affairs Council (ECOFIN) announced Monday it would set up a EUR750 billion intervention fund for Eurozone countries, and that decision „says it all”, added the President.

According to Basescu, unlike many of the countries currently struggling to pay off debt, Romania has adopted an austerity plan which will preserve its sovereignty.

The president, Prime Minister Emil Boc, Finance Minister Sebastian Vladescu and other ministers met Monday with the parliamentary groups of the ruling Democratic Liberal Party, the Democratic Union of Hungarians in Romania, the parliamentary group of national minorities and the parliamentary groups of independent lawmakers. Romania’s agreement with the International Monetary Fund, the World Bank and the European Commission was explained during the meeting.

Joint teams from the IMF, the EU and the World Bank were in Bucharest until May 10 for the fourth review of Romania’s progress under the loan agreement.

The next two installments are worth EUR850 million each and are scheduled for release in June and September, respectively. IMF mission head Jeffrey Franks said Monday a delay in implementing planned fiscal measures in the public sector could prompt the Fund reschedule the release of a fifth loan installment to the country until the measures are in place.

Basescu said Thursday, after talks with International Monetary Fund officials, that pensions will decrease by 15% and salary funds in the public sector by 25%, which will also impact the minimum wage, adding subsidies will be drastically reduced.