Europe's Sickest Man Just Got Refused His Medicine By The IMF

romania strike pensioners

The IMF just rejected Romania’s application for an early release of the next tranche of its loan, due to problems with the country’s budget, according to Ziarul Financiar.

That means Romania will have to wait until 2011 for another €900 million.

The country has been trying to push through tax cuts and adjustments to its flat tax system, but the IMF has refused.

Romania will, however, finally escape economic contraction in Q4, according to the IMF. The country’s GDP will contract 2% for the year 2010, however, and may remain in recession through 2012.

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