IMF holds nation to ransom over late progress in spending cuts
Action is demanded by the International Monetary Fund in the war on public spending, as Romania’s budget deficit is set to rise above forecasts for 2010 June 2010 - From the Print Edition
The International Monetary Fund (IMF) will only give Romania its next 850 million Euro tranche of a 12.95 billion Euro bail-out if the Government introduces tough new austerity measures that slash public spending.
To qualify for the next bail-out package, Romania has pledged to cut pensions and salaries for public sector workers, who account for one-third of the country’s jobs.
This is expected to lead to the loss of 250,000 public sector jobs over the next few years - with 20,000 set ... To continue reading this article you have to be registered
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