Expats

Romania promulgates austerity laws to keep IMF loan on track [Jun 30, 2010] Romanian President Traian Basescu promulgated Tuesday evening the austerity law package, after the parliament eliminated those articles ruled unconstitutional by the country's Constitutional Court. The parliament adopted Tuesday the austerity law package aimed at cutting the budget deficit, in a bid to keep the rescue loan led by the International Monetary Fund (IMF) on track. Earlier, the joint ... [via YahooNews] More >>

(AFX UK Focus) 2010-06-28 13:57 UPDATE 1-Romania fiscal deficit widens in Jan-May [Jun 28, 2010] BUCHAREST, June 28 (Reuters) - Romania's budget deficit for the first five months of 2010 widened to 3.1 percent of gross domestic product at the end of May from 2.2 percent in January-April as spending rose while revenues dipped, finance ministry data showed on Monday. Bucharest has promised to slash the fiscal gap for the whole of 2010 to 6.8 percent of GDP under a vital, 20 billion euro ... [via YahooNews] More >>

Romania Awaits IMF Loan Review as Government Raises VAT to Plug Budge Hole [Jun 28, 2010] The International Monetary Fund board will meet June 30 to consider an 850,000-euro ($1 billion) loan installment for Romania after the government raised the value-added tax to meet an IMF-mandated budget-deficit target. [via YahooNews] More >>

Romania to Raise Value-Added Tax to Meet IMF-Imposed Budget Deficit Goal [Jun 26, 2010] Romania will raise the value-added tax to 24 percent from 19 percent to plug a budget hole after a court threw out its plan to cut pensions by 15 percent and meet an International Monetary Fund-mandated budget-deficit target. [via YahooNews] More >>

(AFX UK Focus) 2010-06-26 11:34 Romania govt to raise VAT to 24 pct-govt source [Jun 26, 2010] BUCHAREST, June 26 (Reuters) - Romania's centrist coalition government decided on Saturday to raise its value added tax to 24 percent from 19 percent in a move to address its large budget deficit and keep IMF-led aid alive, a cabinet source said. The source also said the government will maintain its flat tax on income and profit at 16 percent. The VAT hike comes one day after the European Union ... [via YahooNews] More >>

Romanian Court Rules Against Some Austerity Measures; Stocks, Leu Decline [Jun 25, 2010] Romanias Constitutional Court ruled against some government austerity measures aimed at narrowing the budget deficit, risking a delay in the next handout of funds from an international loan. The leu weakened and stocks plunged. [via YahooNews] More >>

Romania government unveils new taxes [Jun 23, 2010] Bucharest - The Romanian government by urgent decree on Wednesday introduced more taxes, raised existing tax rates and limited write-off possibilities, in a bid to curb its budget deficit.... [via YahooNews] More >>

Nine O'Clock [Jun 13, 2010] The budget deficit increased by EUR 1 bln in May compared to April, at 3.2 pc of GDP, according to governmental sources. [via YahooNews] More >>

Romanian PM says pensions of highest earners to be cut in effort to meet budget targets [Jun 11, 2010] BUCHAREST, Romania - Romania's prime minister says he's slashed the pensions of former generals, scientists and other top civil servants to reduce this central European country's burgeoning budget deficit. [via YahooNews] More >>

Market Commentary and Intraday News [May 31, 2010] (AP:BUCHAREST, Romania) Tens of thousands of Romanian public workers went on strike Monday to protest the government's decision to slash wages by one fourth to reduce the budget deficit to some 6.8 percent of gross domestic product. [via YahooNews] More >>

Thousands of Romanian state workers go on strike [May 31, 2010] Tens of thousands of Romanian public workers went on strike Monday to protest the government's decision to slash wages by one fourth to reduce the budget deficit to some 6.8 percent of gross domestic product. Strike action - Government - Deficit - Gross domestic product - Law [via YahooNews] More >>

Thousands of Romanian state workers go on strike [May 31, 2010] Tens of thousands of Romanian public workers went on strike Monday to protest the government's decision to slash wages by one fourth to reduce the budget deficit to some 6.8 percent of gross domestic product. [via YahooNews] More >>

Market Commentary and Intraday News [May 31, 2010] (AP:BUCHAREST, Romania) Tens of thousands of Romanian public workers have gone on strike to protest the government's decision to slash wages by one fourth to reduce the budget deficit to some 6.8 percent of gross domestic product. [via YahooNews] More >>

Market Commentary and Intraday News [May 28, 2010] (AP:BUCHAREST, Romania) Unions say hundreds of thousands of Romanian public workers will go on strike next week to protest sweeping wage cuts the government is making to reduce the budget deficit. [via YahooNews] More >>

(AFX UK Focus) 2010-03-25 14:10 UPDATE 1-Romania 2-mo govt deficit jumps to 1.1 pct/GDP (Interactive Investor) [Mar 25, 2010] BUCHAREST, March 25 (Reuters) - Romania's consolidated budget deficit jumped to 1.1 percent of gross domestic product at the end of February, raising pressure on the government which must meet a quarterly cap agreed with international lenders. Under Romania's 20 billion euros aid package led by the International Monetary Fund, the European Union state has committed to slash its budget shortfall ... [via YahooNews] More >>