The State Needs To Urgently Pay Its Debts To Local Cos – Romanian Pres

Romanian President Traian Basescu said Thursday that the payment of debts owed by the state to companies is essential in encouraging the resumption of economic growth.

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Basescu said he talked with the Government on the payment of debts owed by the state to private companies, "which is essential in encouraging companies towards the resumption of economic growth," since banks are not financing projects right now.

"Another urgent payment is the one meant to cover the debts of hospitals," Basescu added.

Furthermore, small projects need to be financed with a ceiling of EUR20-30 million "because 90% of projects approved cannot be unfolded since banks are no longer crediting the local component that the company or individual unfolding needs to combine with the European funding," Basescu said.

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