Archive » February 2009 » 03 February 2009 The english news from 03 February 2009
Borrowing fever: 1.5 million Romanians owe money to two banks
In their rush to borrow money, five Romanians ended up having to repay loans taken from no less than 17 banks, according to data released by the Credit Bureau at the end of 2008. The extent of the risk that the banking system is facing given the abrupt depreciation of the RON and the increase in interest rates can be gauged from the fact that…
Foreign analysts: Government is overly optimistic
International analysts consider the government's budget deficit target for 2009 to be overly optimistic. The government, headed by Prime Minister Emil Boc, estimated a deficit target of two percent of gross domestic product (GDP). To be more precise, the general consolidated budget is based on a forecast of 2.5 percent economic growth, a 5 percent inflation rate, and GDP worth RON 579 billion (€144.7 bln)…
P & G Begins Constructing Its Second Romanian Factory In Feb
Giant consumer goods Procter & Gamble will begin this month the construction of its second factory in Romania, in the country's southern town of Urlati, Prahova county, in an investment initially estimated at $50 million, the company announced Monday. The investment might double by 2010, according to the company representatives…
Romania to see the widest budget deficit in CEE this year by its current fiscal policy, Erste mulls
Romania's budget gap could be worryingly the widest in the Central and Eastern Europe of almost 7 percent of the gross domestic product (GDP) unless the country changes its fiscal policy, according to the Austrian-based financial group Erste. The government's budget gap target is pinned at 2 percent of GDP, but the chief economist of the largest bank by assets in Romania, Banca Comerciala Romana, controlled by Erste…