Spending slash and tax rise aim to save Romania
Salary cuts and VAT hikes will surely be painful - but will they really be gainful?
Crisis report by Claudia Ciobanu July 2010 - From the Print Edition
Romania is struggling to adopt austerity measures to guarantee further bail-out cash from the International Monetary Fund (IMF) and keep in line with the EU trend of deep budget cuts.
The country is set to increase its VAT from 19 to 24 per cent and cut 25 per cent of salaries of state employees to maintain the 2010 budget deficit in the limits agreed with the IMF.
The Government wanted to keep the VAT unchanged and slash pension spending by 15 per cent, but the most powerful veto in t... To continue reading this article you have to be registered
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