IMF About To Get A Desperate Call From Romania, In Need Of €5.7 Billion


Photo: AP

Romania’s President Traian Băsescu announced today that his country would need to go back to the IMF for additional funding as no other lender is willing to offer money to the Romanian state, according to ZF English.President Băsescu said his country would need at least €5.7 billion ($7.62 billion) to fill his country’s budget gap to stay within the IMF’s deficit requirements of 4.4% of GDP.

Romania has been struggling to tap debt markets, and has failed to sell debt in its last four auctions.

The government has been under increasing pressure domestically through protests against the austerity programs the country has already engaged in.

Romania remains in recession, and likely will be through the end of 2010, brought on by the bursting of a property bubble.

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