Archive » July 2010 » 15 July 2010 The english news from 15 July 2010
Last Minute Loan. How Romania is borrowing money from one day to the next because it has ran out of money
Because banks are refusing medium and long-term loans to the Ministry of Finance at reasonable interest rates, of no more than 7%, the Ministry is using very short term loans, for which bankers are asking only 4-5% p.a. Because banks won't give medium and long-term loans to the state at interest rates below 7%, which the Ministry doesn't want to pay, the state has called on a novel method: it's loaning money from banks for a very short period of time. …
FT: Romania has a government that is at best dysfunctional
A miserable few weeks for Romania look set to get even worse: Finance Minister Sebastian Vladescu warned that the economy would probably contract by more than 1.5 per cent this year, a comment by 'Financial Times' reads. The downbeat outlook reflects Bucharest's decision to raise value-added tax in order to keep within a 6.8 per cent budget deficit target agreed with the International Monetary Fund.…
Romania, 31st in gold reserves in the world
Romania is the 31st in the world classification of official gold reserves, with 103.7 tonnes of gold, according to the World Gold Council (WGC), which is quoted by daily Bursa. The United Sates of America is the first, 8,113.5 tonnes, followed by Germany, 3,406.8 tonnes, the International Monetary Fund, 2,996.8 tonnes, Italy, 2,451.8 tonnes, and France, 2,435.4 tonnes. …
Mandatory home insurance, as of today. How much does it cost, and who's selling it?
Starting today, the owners of the eight million homes in Romania have six months to purchase mandatory home insurance. As of today, insuring all homes in Romania became mandatory. The cost of the insurance policy is 10 or 20 Euro per year, depending on the material the home is built of. The grace period, during which home owners won't be fined for not having the insurance policy, is six month…