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Moody's: Romania is one of "the most vulnerable" countries to the world crisis

Romania has a chance to get over ‘what will come' in good conditions, BNR spokesman said.

Romania is currently one of the states considered by Moody's as "the most vulnerable" to the world crisis and confronted with a "higher" probability of pressures upon the rating.

"Moody's has realized a list of states that seem vulnerable to the present crisis and that might encounter a higher probability of being confronted with pressures affecting the rating. Some of these countries are Hungary, Croatia, Romania, Bulgaria, Korea, Kazakhstan, Turkey, Ukraine, South Africa, Pakistan and the Baltic states," a press release issued yesterday by the international financial evaluation agency shows, according to Mediafax.

The agency mentioned that it already started working on the ratings attributed to some of the states included in the list, such as Pakistan, Hungary, Estonia, Latvia and Lithuania.

"Since that moment, the financial crisis started affecting the perspectives of the emerging economies, and Moody's published an updated report upon the macroeconomic perspectives, reducing the estimations referring to the development of the emerging states. The basic scenario for 2009 - 2010 shows that, generally, the emerging economies will register an increase under their potential level," the press release of the agency mentions.

Romania has the chance of getting over what will come in good conditions and, next year, the country will have a smaller economic growth than in 2008, which is quite normal, but there will be economic growth nonetheless, which is very important, said the BNR spokesman.

According to Stet, the economic growth rates of the latest years have been very good ones, because they helped Romania catch up with the more economically developed countries in the EU, but we also need to be aware of the fact that ‘figures were that big exactly because we had started from a relatively low level of economic development'.

The BNR official admitted to 2009 being a difficult year for Romania, as many adjustments will have to be made.

"I would like the Romanian Constitution to contain a provision calling for reasonable budgetary expenditures, making all governments spend public money with caution", Stet further said.

Rating agencies rushed to demonstrate their vigilance

The financial evaluation agencies which lowered the country rating for Romania hastened to show that now they are much more vigilant than before the beginning of the crisis, declared yesterday the spokesman of the National Bank, Mugur Stet, in a seminar over the economic evolutions and the financial crisis, according to Agerpres.

Stressing that this is his own point of view, not BNR's position, Stet explained that the rating agencies were submitted to a fantastic pressure at home, in US, a pressure coming from the fact that they had given the best rating, namely AAA, without risk to the products which included subprime credits. "A personal point of view is that the rating agencies had hurried up. The question is how they could give the rating AAA to a product which was substandard? In the US there are several inquiries, by the FBI included, because many people consider there that the parameters were not correct and probably that these agencies had hurried to show that now they are much more vigilant than before the launching of the crisis," Mugur Stet stressed.

 

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Tags: states rating economic which moodys crisis romania vulnerable countries agencies bnr

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