President Basescu is confident about Romanian economy's sound recovery

Publish date: 12-08-2010
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President Traian Basescu expressed his confidence that Romania's economy will witness a healthy recovery and he told the public radio it would be no comeback to the practices that affected the Romanian economy, namely the uncontrolled price rise in the real estate and the loans given based on the borrower's identity card, only.

'The Romanian economy has been making a good recovery. Our economy will no longer rely on the explosive and very speculative real estate sector, or on the credits taken out based on the borrower's identity card, only. I don't think there will ever be any return to the real estate fury like that before the economic downturn, and this makes me very happy,' President Basescu stressed.

According to Romania's head the country's economic situation is also due to the fact that the authorities failed reacting when the first signs of the crisis occurred in the United States and Europe.

'Blows like salary rises or double pensions happened in 2008. While such laws were being enacted in Romania, the world entered the crisis. We have been reacting extremely inappropriately compared to what we were to go through. Surely, neither the Government, nor me or the World Bank expected Romania to enter such a profound crisis. Nobody assessed the situation very well. This means political irresponsibility,' Traian Basescu explained.


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