Romania Will Not Be Hit Hard By The U.S. Financial Crisis – Romanian Pres

Romanian president Traian Basescu said Thursday on national radio station RRA that Romania will withstand any drastic blows dealt by the financial crisis in the USA, because the local market does not include, with one exception, any American bank branches.

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Asked if Romania would suffer because of the financial crisis in the USA, Basescu said evaluations resulting from talks held with the central bank governor revealed that the country would not feel any strong impact, because there are no American bank branches on the Romanian market.

"There is only one branch, with reduced, but positive, activity," Basescu said.

He mentioned there would be some capital withdrawals on the market, but these would not have “a consistent effect.”

Basescu added he is convinced Romania will register economic groth between 5% and 7% in 2009 as well.

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