Romania Fin Min Says Revival Nowhere In Sight

„The macroeconomic climate (…) is much more difficult than we envisaged a year ago, or even three months ago. And what’s more worrying is that there are no signs that things could be better three months or a year from now,” Vladescu said. „Things could be worse.”

Vladescu said the uncertain economic environment was one of the reasons that prompted the government to make „very difficult and humanly and politically costly decisions.”

The authorities in Bucharest announced recently a series of unpopular measures aimed to reduce expenditure and keep the budget deficit in check, including a 25% wage cut in the public sector and 15% reductions in pensions and unemployment benefits.