Basescu: I assume political decision on IMF agreement

Publish date: 01-04-2009
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President Traian Basescu said on Tuesday he assumes the political decision, alongside the Government and the National Bank, on the agreement on taking a foreign loan.

'I assume the political decision, alongside the Government and the National Bank, for this agreement to exist. Many have doubts that I might backtrack on this agreement when I felt convenient, after having put pressure for this agreement to be made', Basescu told a meeting with the chairmen of the chambers of commerce.

He added that his involvement at various phases of the conduct of the agreement is in line with the decisions made together with the other European Union member states.

'Indeed, I also realize that there was a too strong and public involvement of the head of state at various phases of the conduct of this agreement. There is nothing abnormal. I merely acted in line with the decisions we took together with the other 26 heads of states and governments from the European Union in December and at the informal summits that followed', Basescu explained.

According to the Romanian president, the involvement of the top politicians, of the heads of states and governments in easing the crisis effects is crucial at this moment.

'The financial and banking system is in difficulty and the only genuine support can come from the political area. Therefore, the involvement of any head of state, of any head of government in predicting the developments in the financial-banking system of a country is not a matter of good will, but it is an obligation. The one who does nothing, but merely looks at what is happening takes the responsibility of not having done what it should be done', he stressed.

Basescu underscored that there is not a problem of the depreciation of the banking system in Romania and added Romania did not resort to a lifebelt, but to a safety belt by the agreement with the IMF.

'The goal of the political decision to reach an agreement with the IMF and EU in order to pledge nearly 20 billion euros targets the prevention of a slippage, first and foremost', he pointed out.

Basescu said there are states in the EU that resorted to the IMF and EU funding too late and therefore, the effects of the financing were diminished when the money came.

'Seeing the lesson of those who resorted to the Fund too late, our decision was to do it in due time', the president said.


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