The state has no strategy to save Romanian-held companies that are going insolvent one by one. This is the conclusion of the financial analysts and of the business people who find themselves having to file for insolvency to reorganise when they see no other way out.

"The first to go under are the Romanian companies that deal with consumers directly," says businessman Dan Sucu, one of the best-known local entrepreneurs, who controls Mobexpert group of companies.

The top ten companies that are currently insolvent total business in excess of 850 million euros and 10,000 employees. Most of them either have retail as their core business or have significantly expanded by developing a store chain. Such businesses include Leonardo, the biggest footwear and leather items retailer in Romania, and electronics and home appliances retailer Flamingo, as well as hypermarket chains Pic, Trident and Spar.

This is also the case of Diverta, a 62-store chain controlled by businessman Octavian Radu, and one of the biggest book retailers on the Romanian market, which has recently filed for insolvency.

Diverta was fortunate, however, because the banks it works with gave it a grace period of several months after the company asked for a rescheduling of its debts, as company officials say, while most other companies' requests for debt refinancing are turned down by banks.

Under the circumstances, a question comes up: what are the 30 billion-euro reserves (which have reached a record high) of the National Bank of Romania good for, if they are not helping Romanian-held companies or the tens of thousands of people affected by their insolvencies?

The state has no strategy to save Romanian-held companies that are going insolvent one by one. This is the conclusion of the financial analysts and of the business people who find themselves having to file for ins