Search results
Results From The WOW.Com Content Network
Romania's record - having all of its debts to commercial banks paid off in full - has not been matched by any other heavily-indebted country in the world. [10] The policy to repay - and, in multiple cases, prepay - Romania's external debt became the dominant policy in the late 1980s.
Its industrial and economic development, as well as its relationship with the industrialised West was typical of what we call now the periphery countries. [1] Despite the land reforms, Romania's peasants continued to live at the edge of poverty. Its bourgeoisie used much of the country's economic surplus into non-productive uses, while the ...
Thus, Romania jumped from not even being in the top 10 countries with the smallest public debt (as percentage of GDP) in 1989 to being the world leader in 1990. Romania remained the country with the smallest public debt in 1991, falling to the 6th place in 1992 and 1993 and finally to the 9th place in 1994. [19]
There has been substantial criticism over the austerity measures implemented by most European nations to counter this debt crisis. US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution [18] Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and ...
Category: Economic history of Romania. ... Download QR code; Print/export Download as PDF; ... 1980s austerity policy in Romania; C.
Romania borrowed in 1981 from the IMF a sum of $400 million out of the $1.5 billion line of credit, [9] but in November 1981, the IMF had cut off further financing because Romania failed to meet economic performance targets. [10] In January 1982, Romania and the banks reached an agreement of deferment.
English. Read; Edit; View history; Tools. ... Download QR code; Print/export ... 1980s austerity policy in Romania; 2012 fiscal austerity in Argentina; A.
Romania adopted 1 January 2005 a flat tax of 16% to improve tax collection rates. Romania subsequently enjoyed the lowest fiscal burden in the European Union, until Bulgaria also switched to a flat tax of 10% in 2007. Since 2018 the flat rate was lowered to 10%. Romania posted 6% economic growth in 2016, the highest among European Union member ...