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National Central Bank counsellor Adrian Vasilescu: recession is kept in the game by the 25% salary cuts / the balance between revenues and spending is broken 

de A.C.
Joi, 16 decembrie 2010, 21:58 English | Top News

National Central Bank counsellor, Adrian Vasilescu declared for the public television TVR1 that the recession in Romania is still present due to the 25% salary cuts. Regarding the budget, Vasilescu said that the central bank does not see an austerity budget but an adjusting one and that the balance between spending and revenue is broken. 

Vasilescu admitted that there is a link between the decrease of budgetary revenues and the banking market because budgetaries were preferred by banks. Regarding a new agreement with the IMF, the central bank expert considers that it will take a while for the new agreement to be signed. 

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