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The economic austerity, along with political repression, were the main reasons behind the protests and revolution of 1989. [31] His politics isolated him not only from the people, but also from the party (as seen by the Letter of the Six in March 1989) and the military.
Economic growth was further fuelled by foreign credits in the 1970s, eventually leading to a growing foreign debt, which peaked at $11–12 billion. [49] Romania's debt was completely paid off during the 1980s by implementing severe austerity measures which deprived Romanians of basic consumer goods.
Despite the prolonged economic and social crisis between 1982 and 1989 and the following austerity measures; mostly due to the fast and stunning economic growth that was followed by the decline, [42] many Romanians still view the Socialist era of their country positively, [43] looking back nostalgically at an era of perceived stability and ...
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 ]
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 ...
The lingering amount, totalling less than $500 million, consisted of short-term credits (mainly short-term export credits granted by Romania). A 1989 decree legally prohibited Romanian entities from contracting external debt. [7] The CIA World Factbook edition of 1990 listed Romania's external debt as "none" as of mid-1989. [8]
Near the end of 2013, The Economist reported Romania again enjoying "booming" economic growth at 4.1% that year, with wages rising fast and a lower unemployment than in Britain. Economic growth accelerated in the midst of government liberalisation in opening up new sectors to competition and investment—most notably, energy and telecoms. [202]
Apart from arguments over whether or not austerity, rather than increased or frozen spending, is a macroeconomic solution, [359] union leaders have also argued that the working population is being unjustly held responsible for the economic mismanagement errors of economists, investors, and bankers. Over 23 million EU workers have become ...