Financial Press Review, 29 November

The Bursa dedicates an article to commenting upon the next year’s draft budget.

"For 2011, our country has a good financial perspective, provided that they maintain a prudent policy," the newspaper quoted the Finance Minister, Gheorghe Ialomiţianu.

The Ziarul Financiar belives that "on the revenue issue, the authorities seem to venture again, as in the previous years, with an optimistic draft budget(…) risking an overestimation of the possibilities of raising taxes.

The analysts urged caution in the construction budget, arguing that a 7 percent revenue growth would be possible only with the return of the economy in the positive territory, with an increase of at least 2 percent, which is not secure at all."

Săptămâna Financiară notes that at the overbid budget revenues there is also added the overbid gross domestic product.

"That is why, year after year, at mid-year budget exercise the corrections start," among which "the removal of the investments spends".

"And the deficit target is reached only by achieving either by the central government arrears, either by the local administration or by state companies."

The Ziarul Financiar quotes the head of an IMF mission to Romania, Jeffrey Franks, who stated that "the situation in Romania is better than in some euro zone countries facing difficulties."

Jeffrey Franks explained that "it is very important for Romania to vigorously pursue the reduction of the budget deficit, so as to maintain the public debt at vert low levels," also writes the Bursa.

"In this context, he mentioned that it would be dangerous for Romania to abandon the adopted adjustment measures, because it arise the problem of financing the budget deficit and the public debt could rise to a level which is considered unsustainable by the international markets."

The Ziarul Financiar dedicates an article to the need of learning from the self experience that the BNR governor referred to at the conference.

"Speaking about the act of governing, Mugur Isărescu pointed out that Romania has gone through five financial crises in the past 20 years" and it still hasn’t learnt lesson, " then suggesting that the lack of the financial education is the cause of this behavior."

On the same theme, the Bursa quotes Adrian Vasilescu, who mentioned that "never in the foreseeable future, will there be a lending as in the 2004-2008 period.

All the bamks in Romania are in a position to resume lending today. It’s confidence that’s missing, said the BNT governor adviser, quoted in the Bursa.

The Săptămâna Financiară dedicates an article to the Government’s Emergency Ordinance 50/2010.

"The lack of a public debate about the population’s credit reports before being approved by the government and ignoring the recommendations of BNR and the bankers, now produce their negative effects: more than 100 amendments have been submitted for approval to GEO 50 in the Parliament’s debate by deputies, banks, non-bank financial institutions, unhappy customers and even by the National Consumer Protection Agency, the initiator of the law."

Under the heading "The financial problems force the Romanians to live with their illnesses", the Curierul Naţional publishes the findings of a survey on the medicine purchasing behavior and the way which the population treat their medical ailments.

"The patient is limited to only buy the absolutely necessary medicine, respectively the one the doctor prescribed. For many of the drugs without prescription, generally indicated for mild illnesses, the purchase is delayed, if not canceled."

The same newspaper published a profile of the citizens who want to work abroad.

"The Romanian who wants to go to work abroad has to be around the age of 45, married, with children and to have an urban residence."

The interviewed recruiters said they receive requests for the employment especially for the "construction" and "health care staff" sectors".

The domains entertainment, elderly care and restaurant are the next favorites," writes the Curierul Naţional.

Translated by Iulia Florescu
MA Student, MTTLC, Bucharest University