Bucharest joins the crisis cell with world leadersPublish date: 13-10-2008
The world's leaders gathered recently in New York and Paris, at the conclusion of a week of historic lows on stock markets around the world, in an attempt to administer some "oxygen" to crisis-riddled financial markets. Bucharest was no exception, with its stock exchange dropping €7 billion, and trading suspended twice in a single week. And that was not all. In spite of messages by President Traian Basescu appealing for calm, news about local companies beginning to feel the effects of the crisis persisted.
"The Romanian banking system is solid, and all banks in Romania are in a good situation. We must be prudent and responsible, as we have a chance to be minimally affected by the financial crisis. The Romanian stock exchange makes up a mere 5 percent of the national economy, and only an emotional outcry by politicians and irresponsible measures on their part could unsettle the economic balance," said Basescu on Friday.
Nevertheless, major local market players are beginning to take precautionary measures. ArcelorMittal Galati, the largest Romanian asset of the world's biggest steelmaker, ArcelorMittal, announced it would reduce production of finished products due to the international economic crisis. Similarly, Teodor Atanasiu, President of the Authority for State Assets Recovery (AVAS), said it is unlikely that the privatization of Antibiotice Iasi drug maker will be relaunched in the near future, also due to the international crisis.
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- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
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- Millennium Bank grants First House loans in lei