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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 ...
The effect of the cuts in imports in Romania, a net importer of food from the West, was however not correctly estimated by the foreign analysts and it led to food shortages. [5] 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. [6]
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.
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 ]
WKRP in Cincinnati's turkey drop episode is one of Thanksgiving's greatest gifts of television. Here's how to watch the classic, 'Turkeys Away'.
The economy of the Socialist Republic of Romania was centrally planned, similar to the one of the Soviet Union. Most of the means of production (including all large and medium enterprises) were owned by the state , which established production plans as part of the Five-Year Plans .
However, during the 1950s, Romania's communist government began to assert more independence, leading to, for example, the withdrawal of all Soviet troops from Romania by 1958. [9] Overall, from the 1950s to the 1970s, the country exhibited high rates of economic growth and significant improvements in infant mortality, life expectancy, literacy ...
1978 establishments in Romania (7 P) S. 1978 in Romanian sport (4 C) This page was last edited on 14 June 2023, at 22:50 (UTC). Text is available under the Creative ...