Romanian PM Accuses Liberals Of Having Wasted Public Money

Boc said liberals, who ruled the country between 2004 and 2008, used the EUR3 billion the state obtained after selling its stake in BCR in its own interest, wasting public money on parties and election campaigns, adding liberals must assume responsibility for their deeds.

Boc said, during debates in the Senate on the country’s new pension law, the European Commission warned Romania regarding the high deficit the country posted in 2008.

In 2004, liberals took over the Government’s headship forming a political alliance with democrats and ruling along with the Hungarian minority party, the Romanian Humanist Party and the representatives of independent MPs and minority groups in Parliament.

Following disputes, democrats quit the Government in 2007 and shifted to opposition. A new Government was endorsed in April 2007 and the National Liberal Party continued to rule the country until 2008.

In 2006, Austria’s Erste Bank paid EUR3.75 billion for a 61.88% stake in BCR from the state, the European Bank for Reconstruction and Development and International Finance Corporation.

Romania received approximately EUR2.2 billion for its 36.8% stake in BCR.