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What the newspapers say: October 23, 2008

de A.C.     HotNews.ro
Joi, 23 octombrie 2008, 3:18 English | Press Review

One Romanian breaks the ice and wins a trial against a bank that increased the credit interest arbitrarily, invoking market inflation, one newspaper reads on Thursday. Elsewhere in the news, both Romanian President and central bank governor take a public stand against bank speculators. Last but not least, CFR Cluj is the second Romanian team to lose in front of the French in the last week.

Cotidianul reads about a history professor that won a case against a bank that increased the credit interest rate arbitrarily. The newspaper informs that the court in Buzau proves that the standard clause in the credit contract, ruling that the bank reserves its right to change the interest rate is abusive because it is too vague. Moreover, the bank did not offer the client a sound reason for increasing the interest rate.

The decision is final and mandatory, as the court rejected the bank's appeal. The complaint was submitted by a local history professor, Valeriu Nicolae from Buzau against Banca Romaneasca. What is more, the court compelled the bank to end the contract and pay all trial costs.

Moreover, the complainant will pay the whole sum of the credit without adding the commission. Even though the term of the contract involved a small credit of 2,300 euro, the case is very important considering the current developments of the banking market.

Over the past weeks, banks increased interests for credits, even though Romania's central bank governor Mugur Isarescu advised banks not to take such rushed decisions and thus force people to bear the costs of the financial crisis wave.

In the same vein, Gandul reads that both Romania's President Traian Basescu and central bank governor Mugur Isarescu took a public stand against the "toxic system" and smart businessmen with diplomas from Harvard or Oxford that take advantage of the current market conditions and speculate.

If Basescu's speech took a global perspective, condemning international speculations, Romania's Central Bank governor Mugur Isarescu talked about the ill will of three big Romanian bankers that allowed international speculators to attack the Romanian domestic market.

Isarescu threatened that he will take severe measures against such actions, even if there are bankers that continue such practices, he will amend legislation and will limit the credit activity in order to protect the population.

In a lighter tone, Romania's football league champion, CFR Cluj lost in front of the French team Bordeaux, after an dull match on Wednesday night, Cotidianul informs. This is the second time this week that a Romanian team loses in front of the French after Steaua lost against Lyon by 3-5 on Tuesday.
























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