Romanian President Warns 2010 Budget Deficit May Exceed Target - Sources

Romanian President Traian Basescu Tuesday warned the government that the economic data for the first months of 2010 suggest the budget deficit could exceed 7% of the gross domestic product, above the 5.9% of GDP target agreed with the International Monetary Fund.

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Basescu met with Cabinet members to discuss a series of economic and social measures, such as reducing public expenditure, decentralization of the local administrations and the status of the National Integrity Agency.

Participants in the meeting told MEDIAFAX that Basescu warned the 5% cut in personnel costs agreed with IMF might be insufficient to keep the budget deficit under control and asked for additional measures to trim spending, including elimination of all tax exemptions.

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