Romania Cannot Make It Out Of The Crisis By Itself - President

President Traian Basescu said on Sunday, in Satu Mare (north-west of Bucharest), that Romania could not possibly get out of the crisis by itself as it directly depended on the economy of other states.

'Romania is no isolated country, it is equally affected by the economic crisis as are the other European Union states. What Romania has adopted as solutions meant to diminish the economic crisis was the financing programme with the IMF and the European Union,' said the Head of State.

According to him, without the foreign loan, the National Bank of Romania would not have had financial resources to maintain the exchange rate at 4.2 lei per euro. Otherwise it could have had exchange rates amounting to over 5 lei per euro, a fact that would have seriously affected the population's income. Another target was to ensure the financial resources for salaries and pensions to be paid in time.

Basescu says that the loan amounting to almost 20 billion euros for a five year time span is no problem for Romania.

'Romania cannot possibly get out of the crisis by itself and has no financial resources. It would have been tantamount to being a country drawing the economies of other countries behind it and we are not in this position. We are dependent on our export markets and before the markets we make exports to recover and have again the capacity to absorb more than Romania can export to them Romania cannot possibly produce more, it cannot possibly get out of the crisis by itself,' added Basescu.

Traian Basescu, who was on Sunday in Satu Mare County, laid some wreaths at the monumental ensemble in Carei on the Day of the Romanian Army.

Agerpres