The Bolojan government is proposing austerity measures to manage Romania's severe budget crisis, without immediately solving the deficit.
Sanziana Georgescu
Economy
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Romania is in the worst budget crisis in 15 years, with a growing deficit. Economic advisor Adrian Negrescu says the austerity measures proposed by the government are not enough to solve the problems in the short term, but are aimed at regaining the confidence of rating agencies. These measures are essential to avoid a 'junk' downgrade, which would have devastating effects on the economy, including higher inflation and interest rates. Negrescu warns that the impact of these measures will affect consumption and budget receipts, and possible VAT hikes could follow.
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