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Mihai Tanasescu (IMF): Our financial system is one of the best supervised in Europe

Romania's representative at the IMF Mihai Tanasescu stated on Friday on TVR Info that the euro zone will survive, even if there is a difficult period.

'Greece won't be allowed default and the political message at the EU level is very clear: I think the political message of Olli Rehn, together with the bilateral political messages of Germany, France and other states is without fail: the monetary union in the euro zone is one which, even if there are difficult moments, will survive and will have to be helped..'

'I think that in the weeks, months to come these tensions will be settled and I am convinced that at the beginning of October this new financial instrument at Europe level, this system of financial stability is going to show its effects and create the balance Europe needs' Tanasescu said.

The reaction comes after the European commissionaire for monetary affairs Olli Rehn stated on Thursday that the states in the euro zone won't allow a default for Greece and won't allow the country to get out of the euro zone.

Tanasescu spoke about the situation of banks in Romania, including the Greek ones about which they said they are well supervised, have a strong capital and their exposure for Greece is very reduced: ' The trouble in Greece creates waves all over, if you want it creates some shock waves, but the financial system in Romania is prepared for such shocks.. it is one of the best supervised systems in Europe.. so it won't be affected'.

Moody's got down the rating for National Bank of Greece (NBG), EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank to 'CAA2' from 'B3'. At the same time, the rank for Emporiki Bank and that for General Bank of Greece was dropped at ' B3' from 'B1'.

In bad moments people have to be united

Romania's representative to IMF commented a statement made recently where he said that the present slippage in the world economy were caused by ' the weakness of the decision factors' and ' what is happening now with global economy has never happened before in the history of manking..We have to prepare ourselves for another type of behaviour, for another way of living on Earth'.

Asked to explain what he said, Tanasescu said ' What we are living today, our generation has never lived before – such financial and social trouble. All this has created behaviour which is not in line with our models. This crisis could lead to an improvement of the human relation, between states and the community of people: in bad moments people have to be united and not separated.. it is more a message of the heart than of an economic one'.

Sursa: http://www.actmedia.eu

Tags: europe greece tanasescu supervised system financial tvr euro

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