Tiriac maintains his conservative predictions for Romania's rebound

Publish date: 09-09-2009
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Ion Tiriac, one of the richest Romanians, with business in real estate, auto and financial services, does not expect Romania's economy to bounce back from the crisis than the end of 2010, after a very difficult year for the population and companies, with medium-sized companies most sheltered from bankruptcy, as they are less dependent on bank financing.

"The crisis has affected very large companies and small businesses. Medium-sized ones, who enjoyed financial stability, will survive. It will be difficult, but they will survive, because they are not aggressively attached to banks," according to a declaration for Business Standard yesterday by Tiriac. "The Romanian economy will most likely bounce back at the end of next year," said the businessman. As such, he is proving to be extremely consistent in his prognoses regarding Romania's economy, in spite of the anti-crisis measures announced by the government or the optimistic estimates by politicians. In an interview in mid-2009, Tiriac warned that an economic comeback could occur at the beginning of 2011, provided the country is not shaken up by general strikes and protests. The billionaire was in Craiova yesterday for the launching of the first car produced by Ford in Romania, with the intention of acquiring the Transit Connect with the number 001, but the organizers decided to donate this.

Tiriac explained clearly succinctly in an interview for Business Standard that Romanians should not expect prices to drop in 2010, but rather can expect these to rise. He did not hesitate to include real estate among the economic sectors with the biggest problems, although all the apartments in the luxury complex developed by Tiriac Imobiliare in Bucharest have been sold.


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