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What the newspapers say: July 17, 2009

de A.C.
Vineri, 17 iulie 2009, 8:12 English | Press Review

Romania's economy is on the verge of collapse, even though authorities claim it is healthy, one newspaper reads on Friday. Elsewhere in the news, a Romania is being held in Ukraine for almost two months now, because the Ukranian customs police discovered a telescope in his car. Last but not least, US President Obama will award Romanian Rada Flavia Mihalcea, as she is one of the best 100 young scientists in the US.

Romania's economy is on the verge of collapse, even though on paper macro parameters are ok, finance experts declared for Cotidianul. The newspaper quotes Romanian National Central Bank governor Mugur Isarescu saying that Romania's economic adjustment is too big and might become excessive. Isarescu recommended some balance of the instruments and economic policy elements.

Economists translate Isarescu's declaration and say that the governor refers to the current account deficit adjustments, considered excessive. According to professor Daniel Daianu this causes a lack of financing in imports which affected production.

National Central Bank Vice President Valentin Lazea added that credits, which sustain the economy register the same trend. Romania needs positive indicators to register economic growth. If last year Romania's economy registered a 65% increase in the governmental credit each year, now, it is only 9%.

When it comes to Isarescu's declaration to balance economic policies, experts have various opinions. On the one hand they argue that the central bank needs to sustain the economy through its monetary policy. Or, on the other hand, some believe that the market will recover by itself with no intervention needed.

Elsewhere in the news, Romanian tourist was imprisoned in Ukraine after customs police found a telescope in his car and accused him of arms smuggling, Evenimentul Zilei reads. His lawyer declared that the investigation is dragged without justification while Romanian vice consul to Ukraine Eleonora Moldovan declared that this is not the first case of the sort.

Romanian Radu Vasile Hartie went to Ukraine to buy cheaper merchandise together with his wife and some close friends. However, when the customs police discovered the object, they arrested the Romanian even through according to the law, the customs police should have just fined him and confiscate the object.

Last but not least, US President Barack Obama will award Romanian Rada Flavia Mihalcea, considered one of the best 100 young scientists in the US, Romania libera reads. Mihalcea will receive unconditional and unlimited funding for the next five years, to continue her research.

Rada Flavia Mihalcea, originary from Cluj, central Romania, graduated in 1997 from the Romanian Technical University and left the country to pursue a Phd in the US. Romanian professors acknowledge that Mihalcea was one of the best students.

White House website reads that Mihalcea was added on the list for the impact her research had on the US economy and for managing to attract considerable funds for her research so far. After she finished her Phd, Mihalcea was offered an associate professor and researcher position at University of North Texas.

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