Archive » March 2009 » 02 March 2009 The english news from 02 March 2009
Romania's EU Convergence Program Considers Higher Retirement Age, Limited Wages, Recession
Romania's convergence program to be sent to the European Commission sets, among others, to increase retirement age, grant limited wage hikes and halt new hiring in the public sector in 2010-2011 and considers the risk of recession after nine years of economic growth.…
BNR: Crisis to worsen if government acts emotionally
The Governor of the National Bank of Romania (BNR), Mugur Isarescu, said that Romania must comply with the announced schedule for joining the euro-zone, but adopting the European currency is conditional upon reforms made until 2012. These reforms must be "real and competent" to ensure that Romania sails through the two years that precede its effective accession…
For sale: Royal Bank of Scotland branch in Romania
RBS Romania, the local branch of the Royal Bank of Scotland group and one of the soundest banks in the local system, according to Central Bank Governor Mugur Isarescu, was included on the list of subsidiaries put up for sale by the Brits, who are making efforts to streamline after the massive losses of last year.…
Mother banks will keep financing Romanian subsidiaries, President Basescu says
Subsidiaries which run operations in the newcomers of the European bloc and whose mother banks are in the Eurozone should be propped up by their parents,President Traian Basescu said at the end an informal reunion of heads of states and governments over issues related to the current economic crisis.…
Developers: Real crisis starts this summer
The real estate crisis will be strongly felt this summer, when the first bankruptcies and foreclosures are due to occur. Buyers are waiting for prices to go down, banks are no longer financing large projects, developers will not tolerate to sell for less than they bought the land for - this is the current scenario on the real estate market, players say…
Romania negotiates funding with both IMF and EU
The authorities have ongoing talks for a package of external funding with both representatives of the International Monetary Fund (IMF) and the European Commission. The Finance Ministry and the National Bank of Romania, directly involved in the talks, are not disclosing the amount they want to obtain, but sources close to the government and the President say the package is worth E10 billion…
Romania's Finance Ministry sells 6-month treasury certificates for 2.5bn lei in need of money
Romania's Public Finance Ministry (MFP) sold six-month treasury certificates of 2.518 billion lei with an average yield of 11.48 percent per year, the central lender BNR announced today. The maximum yield accepted by MFP was of 11.50 per year. The offers filed by banks totaled 3.679 billion lei, 46.1 percent above the sum drawn by the ministry…
Rents For Homes In Romania Dn 15-20%, Tenants Want Contracts Renegotiated
Many tenants in Romania require the renegotiation of their rent contracts and want them adapted to the evolution of the country's real estate sector, as new rent contracts are currently sealed for prices 15-20% lower than a few months ago, according to real estate agency EuroMetropola…