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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 ...
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 ...
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 ]
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".
The social and economic transformations resulted in improved living conditions for Romanians. Economic growth allowed for higher salaries which, combined with the benefits offered by the state (free medical care, pensions, free universal education at all levels, etc.) were a leap compared to the pre-WWII situation of the Romanian population.
19 December - Parts of Romania are reported to be under virtual martial law by Reuter. [13] 20 December – A general strike breaks out in all the factories in Timișoara. Timișoara is declared the first city free of communism in Romania. 21 December A huge rally in Bucharest turns into chaos as firecrackers explode at the periphery of the ...
Its consequences were most felt with the collapse of the regime's social safety net during the 1980's Romanian austerity period, which led to widespread institutional neglect of the needs of orphans, with severe consequences in their health, including high rates of HIV infection in children, and well-being. A series of international and ...
Pages in category "Economic history of Romania" The following 14 pages are in this category, out of 14 total. ... 0–9. 1980s austerity policy in Romania; C. Caritas ...