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Last Minute Loan. How Romania is borrowing money from one day to the next because it has ran out of moneyUpdated: 15-07-2010 | Financial and Banking

Because banks are refusing medium and long-term loans to the Ministry of Finance at reasonable interest rates, of no more than 7%, the Ministry is using very short term loans, for which bankers are asking only 4-5% p.a.

Because banks won't give medium and long-term loans to the state at interest rates below 7%, which the Ministry doesn't want to pay, the state has called on a novel method: it's loaning money from banks for a very short period of time.

Gandul

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