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In the 1980s, severe austerity measures were imposed in the Socialist Republic of Romania by President Nicolae Ceaușescu in order to pay off the external debt incurred by the state in the 1970s. Beginning in 1981, the austerity led to economic stagnation that continued all throughout the 1980s, a " sui generis shock therapy " which lowered the ...
In 1981, in order to pay its due debts, Romania requested the International Monetary Fund a line of credit [1] and adopted a policy to pay back all its debt. [3] The decision to repay the debt has been considered irrational, as other developing countries that were hit by the same problem were able to obtain debt rescheduling or "haircuts".
Social and economic malaise had been present in the Socialist Republic of Romania for quite some time, especially during the austerity years of the 1980s. The austerity measures were designed in part by Ceaușescu to repay the country's foreign debts, but resulted in widespread shortages that fomented unrest. [11]
Pages in category "1980s in economic history" ... 1980s austerity policy in Romania; 1980s oil glut; ... Early 1980s recession in the United States;
Despite having mineral resources and a state interventionist policy, Romania was not able to change the agricultural character of its economy into an industrial one. [1] 80% of its population was employed in labor-intensive agriculture, which made up 64% of Romania's exports, while only 2% of its exports consisted of manufactured goods. [1]
The early years of communist rule in Romania were marked by repeated changes of course and by numerous arrests and imprisonments as factions contended for dominance. The country's resources were also drained by the Soviet's SovRom agreements, which facilitated shipping of Romanian goods to the Soviet Union at nominal prices.
In order to be granted the loan, Romania agreed to raise food and gasoline prices and reduce spending (see 1980s austerity policy in Romania) and to provide additional information about its economy to the fund. [6] [7] It also agreed to reduce the pace of industrialization and to increase investment in agriculture. [8]
20th; 21st; 22nd; 23rd; 24th; ... Pages in category "1980s in Romania" ... This list may not reflect recent changes. 0–9. 1980s austerity policy in Romania; 1987 in ...