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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 ...
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.
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".
Exceptions were at the beginning of the 1980s austerity policy in Romania, when prices were risen in order to reduce consumption and allow the government to pay back the foreign debt. Following the onset of liberal economic reforms in November 1990, as prices and exchange rates were gradually liberalized, inflation began to rise. [3]
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 .
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Austerity is grounded in liberal economics' view of the state and sovereign debt as deeply problematic. Blyth traces the discourse of austerity back to John Locke's theory of private property and derivative theory of the state, David Hume's ideas about money and the virtue of merchants, and Adam Smith's
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 ...