After the crisis of the houses of savings in '89 in the U.S., a structure for the recovery of claims was created. The state has allocated 400 billion dollars at that time. After the bankruptcy of Credit Lyonese, the French did the same. In Romania, after the bankruptcy of Bancorex and the Agricultural Bank, the French and American models served for the creation of the AVAB.
The mechanism for the recovery of the non-performing claims and assets sets its wheels in motion in order to localize and cauterize the crises, no matter their size. The specialists in the management of crises are wanted everywhere these days.
Dan Constantin: Mr. Blanculescu, you are known for the Romanian economists as a specialist in the reorganization of the companies with great financial difficulties, after a laborious activity as the director, general director and president of the AVAB, the former Authority for the Capitalization of the Banking Assets. How do you comment on the international financial crisis from this perspective?
Ionel Blănculescu: Indeed, I have managed for 4 years a huge portfolio of companies, more than 4000, very representative for the Romanian economy, that were in financial difficulties, with debts of more than 4 billion dollars. I saved over 100 companies in industry and agriculture with the help of a corporate restructuring, which is for me a great professional satisfaction to say at least.
With respect to your question, I would rather not talk about the financial crisis itself, since its elements are already known, but about its consequences.
As it was foreseen, in a very short period of time, the financial crisis has transferred into the real economy, which includes the Romanian economy. We are still at the beginning of the problems caused by it, which is the beginning of the damage of the eco
