ING considers revising growth outlook

ING said the Government's austerity plan that includes cuts in wages, pension and unemployment benefits are much more efficient than raising taxes, in terms of medium and long-term economic performance. "Short term prospects are poor, and when further details on the austerity plans are released, we will probably revise our 0.9% economic growth forecast for end of the year", ING said.

President Traian Basescu said yesterday the Government had reached an agreement with the International Monetary Fund, denying the rumors on a tax hike. The plan envisages reduction in wages by 25%, by 15% in unemployment benefits and subsidies.