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National SME Council: Governmental debt towards private companies caused a real blockage worth some 9 billion Euros

de Radu Rizea     HotNews.ro
Marţi, 17 martie 2009, 12:03 English | Business

The more difficult access to financing, the lower exports and the lower demand on the interior market are some of the most important effects of the economic crisis on small and medium enterprises (SMEs), said Ovidiu Nicolescu, president of the National SME Council, on Tuesday.

The main six problems identified by the council as arising from the economic crisis are:

- More difficult access to financing, because of both the lower accessibility degree and the increasing costs. Romania is more affected than other countries, since 95% of the banking system depends on foreign financing;

- Exports: there is a small advantage in exporting less, but exports remained so far the fuel pulling the economy upwards;

- The lower interior demand: on some segments, the demand decreased and will keep decreasing;

- Financial blockage: the state-created blockage was 2.1 billion Euros in December, but since it's a cascade of cash flow, the true blockage is around 8-9 billion Euros;

- Less investments: many investors diminished or stopped their investments. We have to take into account the fact that the construction sector will keep slowing down;

- The psychological effect: we begun to have crisis symptoms before seeing what truly happens. We said the entire body aches when we just had a headache.


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