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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 ...
Thus, Romania jumped from not even being in the top 10 countries with the smallest public debt (as percentage of GDP) in 1989 to being the world leader in 1990. Romania remained the country with the smallest public debt in 1991, falling to the 6th place in 1992 and 1993 and finally to the 9th place in 1994. [19]
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.
The Romanian revolution (Romanian: Revoluția română) was a period of violent civil unrest in Romania during December 1989 as a part of the revolutions of 1989 that occurred in several countries around the world, primarily within the Eastern Bloc. [6]
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 .
Anna Kendrick’s directorial debut, Woman of the Hour, has landed on Netflix.. It tells the shocking true story of how a serial killer managed to become a contestant on a dating show in the late ...
Following the Sino-Soviet split, Romania also maintained relations with China and North Korea as well as the Chinese-backed Khmer Rouge-ruled Democratic Kampuchea. Romania joined the United Nations on 14 December 1955 (see United Nations Security Council Resolution 109) as well as the International Monetary Fund and the World Bank in 1972.
In a YouTube video from Tate’s channel, which was banned in August 2022 for violating YouTube’s hate speech policy and community guidelines, Tate said he moved from the U.K. to Romania because ...