The Government issued a letter towards the European Union, asking for the official opening of negotiations for a financing agreement. The value of the loan will be established during the discussions with the European Commission officials and the International Monetary Fund (IMF) representatives.

"The Finance Ministry and the Romanian Central Bank opened preliminary discussions with the EC, IMF and other international financial institutions' representatives, regarding the evaluation of the macro-economic status and the potential foreign financing needed by Romania", a press release of the Finance Ministry informs.

The document also shows that the foreign financial assistance and the pro-active measures of the Romanian authorities are a guarantee for the financial stability consolidation on a medium term, "thus encouraging the re-launching of the business environment and the regaining of the investors' confidence in Romania's economic potential".

Romania may receive some 20 billion Euros, Financial Times informed earlier today. The International Monetary Fund also confirmed that a delegation led by Jeffrey Franks will arrive in Romania on Wednesday, in order to put up a financing agreement.

Former Prime Minister Calin Popescu Tariceanu reacted promptly and declared that such an agreement would only evident ate the Government's incapacity to deal with the crisis. "I ask the President to drop this initiative", said Tariceanu, adding that "Romania should not kneel in front of the IMF accountants". The Government issued a letter towards the European Union, asking for the official opening of negotiations for a financing agreement. The value of the loan will be established during the discussions with the European Commission officials and the International Monetary Fund (IMF) representatives.

"The Finance Mi