Few governments can cut wages by 25% and still remain in office, said Peter Sanfey, the chief-economist of the European Bank for Reconstruction and Development, Thursday, during a meeting in London.
"We were impressed with the commitment of the Romanian authorities to the program agreed with the IMF. Drastic measures were taken", Peter Sanfey added.
The European Bank for Reconstruction and Development economist is not worried about Romania postponing its borrowing from the foreign markets (ed. note: through the issuing of MTN - medium term notes), as it waits for better market conditions.
"The markets will be watching very carefully whether the authorities meet the conditions of the IMF or not. You don"t want to go into the market and find no appetite (ed. note: for the issued notes)", Peter Sanfey said.
The European Bank for Reconstruction and Development official considers that the situation of public debt in South- Eastern Europe is under control. "None of the countries in the region are keeping me awake at night", Sanfey said.
The European Bank for Reconstruction and Development is set to revise the estimates on the performance of the economies in South-Eastern economies in the month of May.
In January"s report, the institution was estimating that Romania"s economy would grow 1.1% in 2011.
Adina Ardeleanu (Translated by Cosmin Ghidoveanu) Few governments can cut wages by 25% and still remain in office, said Peter Sanfey, the chief-economist of the European Bank for Reconstruction and Development, Thursday, during a meeting in London.
"We were impressed with the commitment of the Romanian authorities to the program agreed with the IMF. Drastic measures were taken", Peter Sanfey added.
The European Bank for Reconstruction and Development economist is not worried about Romania postponing its borrowing from the fo
