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We had IMF agreement as lifeline, says advisor to central bank governor

Romania had the agreement with the International Monetary Fund as a lifeline, Adrian Vasilescu, advisor to the governor of the National Bank of Romania, declared on Tuesday, warning that Greece's possibly slipping into default and halting wage and pension payments would affect the entire Europe.

'If things in Greece get so far that pension and wage payments are halted and violence continues against the backdrop of the halt of such disbursements, this would affect entire Europe,' Vasilescu said on a television channel.

Adrian Vasilescu assured however that the developments in Greece and the street violence erupted in Athens following the austerity program announced by the country's government would not ripple to Romania. Vasilescu believes that Romania is in a different situation than Greece and far from the same severity.

'The problem of Greece is complicated. Greece has a public debt of 340 billion euros, which soared to 1.5 the country's GDP. It is clear that the country has lived on credit and followed the slope of consumption. Romania's public debt is 22 billion euros. Our problem is the rising debt. It has tripled since 2006. Money inflows until 2008 inclusively, that used to be as high as 16 billion euros per year, were meanwhile cut off. Still, we had the IMF agreement as a lifeline,' said Adrian Vasilescu.

The advisor to the BNR governor reiterated that the banks with a majority of Greek capital that operate in Romania cannot trigger adverse effects in the Romanian economy.

'Do not even think that the Romanian banks with a majority of Greek capital could cause us trouble. These banks are now in a state of balance. The National Bank supervises them carefully. The Greeks do not want to spoil this source of stability in Romania,' Adrian Vasilescu added.

Sursa: http://www.actmedia.eu

Tags: vasilescu greece romania governor lifeline advisor agreement bnr

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