The fifth IMF instalment goes today to the National Central Bank The fifth instalment from Romania's stand-by agreement with the International Monetary Fund (worth of 913) will be send today, July 7, to the Romanian Central Bank's reserve. BNR representatives this will make foreign investors trust more the Romanian economy​
Trichet opposes Romanian Finance proposal. Central Bank cannot be forced to donate 25% of their income for Budget recovery The European Central Bank (ECB) rejected, as expected, the proposal coming from the Romanian Finance Ministry addressing the 25% cut in salary for the Central Bank employees. The Finance Ministry's request sparkled discussions in the Romanian Central Bank (BNR), where employees were expecting to be forced "to donate: 25% of their incomes to hell the recovery of the state Budget. "On June 18 2010, the ECB received from the Romanian Public Finance Ministry a request to issue a note addressing a law regarding certain necessary measures for the budget balance. The ECB was not consulted and, on June 9 2010, the ECB sent a letter to the Romanian Government, drawing attention on the duty to consult the ECB", the European Central Bank document shows.
IMF raised the inflation target for Romania after authorities increased the VAT The IMF managing Council approved the rectification of the inflation rate for 2010 set by the stand-by agreement with Romania, namely from 3.5% to 7.9%, after Romanian authorities raised the VAT from 19 to 24%, IMF chief of mission to Romania Jeffrey Franks told Romanian news agency Mediafax.
Nine Romanian NGOs protest Senator's position stripping National Agency Integrity of its powers Nine Romanian nongovernmental organisations issued a harsh attack on Thursday on the position of Hungarian Democrat (UDMR) Senator Gyorgy Frunda, who had proposed a set of amendments on the law for the functioning of the National Agency for Integrity (ANI), a key body supervising the wealth of public officials and an instrument in Romania's fight against corruption. The amendments stripped ANI of much of its powers.
US Ambassador to Romania: I am disappointed with ANI law. Senator Frunda failed to convice me that the President was wrong US Ambassador to Bucharest Mark Gitenstein says he is disappointed with how the Romanian Senate changed a law on the National Integrity Agency (ANI), the main body keeping in check the wealth of public officials in Romania. The recent changes stripped ANI of much of its powers to provide transparency and contribute to the fight against corruption.
Romanian Constitutional Court publishes the reasons on austerity measures decisions The pension's ratio, set by the contribution principle, is a won right. Therefore, reducing the pension cannot be accepted, not even temporary. This is how the Romanian Constitutional Court motivates its decision to declare the law draft addressing the 15% cut in pension unconstitutional. This cut in pensions was part of the austerity measures' package for which the Boc Cabinet took responsibility in the Parliament.
Opposition leader: We'll submit a censorship motion the moment we've raised 236 signatures Romanian Social-Democratic Party (PSD) leader Victor Ponta declared that the social-democrats are going to submit "another type of censorship motion - a popular motion" the moment they will have raised 236 signatures, Romanian news agency Agerpres informs.
CCR judge on why cutting pensions is unconstitutional: pension is a past phenomenon The cut in pensions is unconstitutional because it regards a past phenomenon, bearing in mind that the current retired have already paid their share while they were still employed, Romanian Constitutional Court judge Ion Predescu.
Romanian Government cuts massively local councils' funds The Romanian Government intends to reduce drastically the quotas reserved for local councils from the revenues brought by the tax on salaries and to axe a large percentage of civil servants roles, as indicated by a Finance Ministry ordinance project to be debated today with local administration representatives.
Parliament gave green light to Proprietatea Fund The Deputy Chamber plenum has approved on June 23 an emergency ordinance for the Government to accelerate the procedures of granting compensations for the residences taken abusively by the ex-communist regime. 264 deputies voted in favour and one against. Following this vote, the Proprietatea Fund will be free to distribute the remaining dividends and could list its shares at the Bucharest stock exchange (BVB).
Opposition leader on National Defence Strategy: Press is, alongside opposition and unions, enemy of the power Social Democratic Party (PSD) leader Victor Ponta commented on Wednesday, June 23, on the conclusions of the recent Romanian National Defence Strategy: "Just in case there was still someone left who thought it wasn't true, here's the confirmation. One of the enemies of this power, alongside opposition and unions, is the press, which fails to understand how it should praise the power".
Finance Minister: Pensions and salaries next year will not see the 2010 level Pensions and salaries in Romania will not be reach their 2010 level next year, Finance minister Sebastian Vladescu declared today, June 23. This did not want to explain his statement, leaving room for interpretations. "They will definitely not reach the 2010 level. I mean their level after cuts", the Finance minister said.
UPDATE: The law regulating the National Integrity Agency was adopted by the Chamber of Deputies  / Wealth investigation committee will be reinstated The Chamber of Deputies modified on Tuesday the law regulating the well functioning of the National Integrity Agency in accordance with the re-examination request sent by President Traian Basescu. The final vote on the normative act will be cast on Thursday, at 12:30 AM, Agerpres informs. UPDATE: The law regulating the National Integrity Agency was adopted by the Chamber of Deputies The Chamber of Deputies adopted on Tuesday the law regulating the National Integrity Agency at 5PM with 201 votes for, 1 against and 11 abstains. The law will move forward to the Senate, which is the decisive chamber.
Government and Central Bank to introduce bank tax. Banks say tax affects clients The Romanian Government is to discuss with the Central Bank (BNR) reps a plan for economic recovery early next week. One of the alleged measures is an additional tax for banks and a new crediting product for SMEs, Romanian Environment and Forests minister Laszlo Borbely declared on Monday, June 17, quoted by Mediafax.
Fitch analyst to Romanian authorities: "Don't let the crisis go to waste!" Restructuring the public sector is an important step to recover to fiscal sustainability, says Fitch manager Douglas Renwick, quoted by Romanian news agency Mediafax.
Hungarian PM: Hungary says "No" to Rosia Montana Hungarian Prime-Minister Semjen Zsolt declared on Sunday during his visit to Alba-Iulia (Central-West) that Hungary wouldn't want to see the mining project from the gold mine in Rosia Montana happening because there is no guarantee for the safety of the environment, Romanian news agency Mediafax informs.
Lib Dems decide today what to do with MPs who voted the censorship motion The Main Romanian governing party, PDL, is meeting on Monday, June 21, starting with 6pm, in an extraordinary session to decide what to do with their own MPs who voted in favour of the censorship motion last week.​
Sources: Head of Democratic Liberals' Bucharest branch interested in withdrawing Sources have told HotNews.ro that Liviu Negoita, the head of the Bucharest branch of the Democratic Liberal party (PDL), was interested in withdrawing as head of the branch. The same sources claimed his place might be taken by top PDL official Elena Udrea, who has dismissed the information, however.
Democratic Liberal Party leader: Government reshuffling may come after a possible new censure motion, restructuring is excluded A possible government reshuffling would be applied only after the opposition Social Democratic Party (PSD) submits a second censure motion as it has announced, while a government restructuring was not an option, Ioan Oltean, deputy head of the governing Democratic Liberals (PDL) said on Friday, quoted by Romanian news agency Mediafax.
Finance minister: Public sector salaries and pensions to be cut in August The 25% axe in public sector salary and 15% cut in pensions are going to come into force starting July, so that the reduced incomes will be delivered staring with August, Romanian Finance minister Sebastian Vladescu, quoted by Romanian news agency Mediafax. Vladescu told reporters from Antena 3 TV channel that "minimum 100,000" more staff working in the public sector need to be dismissed, so that the other employees of the sector could enjoy decent salaries.


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