Search results
Results From The WOW.Com Content Network
1995 was the last year in which Romania's economy was dominated by the state. From 1996 onwards, the private sector would account for most of Romania's GDP. [13] Data for 1975, 1980 and 1982-1988 taken from the Statistical Abstract of the United States. [14] Data for 1989-1995 provided by the OECD. [15]
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".
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 ...
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]
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.
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]
Several central and Eastern European countries began marking on Thursday the 20th anniversary of the largest expansion of the NATO military alliance when formerly socialist countries became ...
Romania become the first country in the Eastern Bloc ever to establish economic relations with the European Community. The Generalised System of Preferences is signed, followed by an Agreement on Industrial Products in 1980. 1976: At the age of 14, Nadia Comăneci becomes one of the stars of the 1976 Summer Olympics in Montreal. During the team ...