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Sebastian Vladescu: Romania has protection against a new financial crisis, but a very fragile one

Romania has protection against a new economic and financial crisis, but it is very fragile, said on Wednesday Sebastian Vladescu, former Minister of Finance, on RFI radio station.

'Romania is not in the zone of turbulence at the moment, it exited the maximum risks area as refers to the public debt, debt financing, but to suppose that Romania would be completely sheltered against the adverse effects on the foreign markets is an error and therefore we must be consistent with the maintenance of spending within limits, that could be financed. So there is a shelter, so to speak, but it is very fragile, we must be very careful not to lose it, ' Vladescu stressed.

The former Minister of Finance said that there will definitely be a wage increase next year. The level of this increase will be determined according to the economic performance of 2011 and in the prospect of 2012.

'Figures at present, specifically, are very difficult to give. There is only one precise figure, which is the value of the total salary budget package, the central wage budget, which is, if I remember correctly, somewhere around 7.3 - 7.5 percent of GDP. But it is another matter to how many employees this wage budget is going to be distributed. Fewer employees would mean higher individual salary', said Vladescu.

As for the basket of solidarity, former Minister of Finance considers it a good idea because it helps pensioners, those on low income, to buy some commodities at producer price.

'The problem at the moment is that of implementation, and if local administrations succeeds to implement it - because, eventually, that is up to the local administrations - the program will be useful for pensioners on low incomes,' said Vlădescu.

Sursa: http://www.actmedia.eu

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