Financial Press Review, 21 June

The implications of the prolonging crisis from Greece, lower interest rates for RON credits,

Sorin Blejnar’s hearing in the Agigea case and the football crisis are the main topics discussed by the financial press.

The Curierul Naţional opens with an article entitled ‘Everybody Will Mourn the Greeks’.

‘The Hellenic catastrophe seems imminent, and EU authorities and the IMF are looking into ways to break the fall’, the daily reads.

‘Money for Greece, Not Yet’, the Bursa reads.

‘The next tranche is going to be released in mid-July, if Greece approves the new austerity plan’, the article reads.

The Ziarul Financiar reveals that ‘the decision of the ministers to delay the next 12-billion-Euro tranche for Greece’ stirred the waters at the stock exchange and on the financial markets’, in an article entitled ‘Prolonging Crisis in Greece stirs RON: Euro Takes a 1% Leap, Swiss Franc Reaches a New Historic Highest’.

‘The RON was the most affected currency in Eastern Europe because the Greeks are an important part of the Romanian banking system – they hold 17 percent of the assets’.
From the Bursa we find out that ‘After July, analysts foresee cheaper RON credits’.

‘While interest rates for RON credits are falling, those for new Euro credits are kept in place’, the daily quotes analyst Dragoş Cabat.

‘The new rules that the Central Bank is currently working on should not go further than leveling with EU definitions and standards’, the Ziarul Financiar quotes Steven van Groningen, Raiffeisen Bank Romania President.

Below the headline ‘Blejnar’s Hearing in Agigea File’, the Bursa presents how anticorruption prosecutors examined the NAFA President as a witness in the file concerning illegal operations in Constanţa Harbor, in which 28 people were arrested.

‘NAFA President denies knowing about the irregularities at Constanţa Harbor’.
The Bursa opens with the front-page headline ‘Football and Money – Discharge Threw Football in a Crisis’.

‘Yesterday, the Executive Board of the Romanian Football Federation had to decide the fates of Poli Timişoara, Gloria Bistriţa and FC Bihor, in particular, and of the Romanian football, in general. The way things developed was eloquent for how bad the regulations are thought-out’, the Bursa reads.

Translated by: Gabriela Lungu
MA Student, MTTLC, Bucharest University