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Adrian Vasilescu: The government has no anti-crisis measures. They act like the firefighters

Officials of the National Bank compared the anti-crisis measures taken by the government with interventions of the firefighters at isolated fires, after the executive took the decision to reduce by 25% the salaries of the Central Bank employees, including that of the governor Mugur Isarescu. “ We heard these are anti-crisis measures. They are not anti-crisis measures. They are firefighters’ interventions who came on the street where some houses are burning and the fire has to be put out” Adrian Vasilescu, BNR governor adviser said. He considered that the anti-crisis measures are generally investments.

Adrian Vasilescu said that a restructuring of the budget was necessary over the last year and that the budgetary deficit increased from 2.5% of GDP in 2007 to 5.4 % in 2008 reaching 8.3 % in 2009 and in 2010 has to drop to 6.8% of GDP.He explained that the IMF followed the evolution of two indicators in Romania “ which put Europe on fire” – the budgetary deficit and the state debt against the GDP.



Tuesday, June 1, 2010