Political scandal to make Romania's loan more expensive

Publish date: 30-09-2009
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The political crisis surrounding the proposed sacking of Minister of the Interior Dan Nica could cost the Romanian economy tens of millions of euro. Next week, the Ministry of Public Finance is to launch a eurobond issue, worth between €500 million and €1.5 billion, and the high level of political uncertainty raises the country risk and related interest rates.

Economists go as far as suggesting that the issue should be postponed. As the political scandal continues, President Traian Basescu is in no rush to sign the request for Nica's removal from office presented to him by Prime Minister Emil Boc. Basescu said that he is waiting for the Democratic Liberal Party (PDL) and the Social Democratic Party (PSD), the two parties in the ruling coalition, to reach an agreement. Boc had announced the removal of Nica from office based on the fact that the latter suggested that the coming elections will be subject to fraud, and indicated that the minister did not fulfill his governing program.


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