The leu/euro yesterday reached the lowest level in the last four months, with the NBR displaying an exchange rate of 4.291 lei/Euro, up 2.03 bani over the previous session. Analysts claim that the strengthening of the Euro, which had fallen below 4.1 lei in April, against the leu is caused by the situation in Greece.

Analyst Ionel Blănculescu said that the strengthening of the European currency is 90% caused by the situation in Greece, and the remaining 10% is caused by the interventions of the NBR.

He said that the difficulties on the Washington-Athens axis are causing a crisis on the capital markets, which closed in the red over the last trading sessions. This fall was also reflected in the exchange rate, which followed the same direction, he said.

Ionel Blănculescu said: "We are seeing the beginning of a severe sovereign debt crisis, with far worse consequences than those of the 2008 crisis".

He claims that for the first time in the history of the world, this crisis could lead to a blow similar to that dealt by "Lehman Brothers", this time in the European Union. Ionel Blănculescu also said that, demand for Euros is currently dropping, because capital is exiting the country, due to Greece"s contagion effect.

As for the interventions of the NBR in the market, the analyst said that the former has a duty towards exporters, which were hurt by the Euro going to 4.08 lei, reached a few months ago.

"The NBR is trying to do so something to rehabilitate itself with exporters", he said.

This favors exporters, who say they are happy with the current exchange rate.

"The weakening of the leu benefits exporters", said Mihai Ionescu, the president of

the Romanian National Association of Exporters and Importers (ANEIR). He added that a sustainable exchange rate ranges between 4.1-4.3 lei/Euro.

If the leu falls strength