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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 ...
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 ...
The policy to repay - and, in multiple cases, prepay - Romania's external debt became the dominant policy in the late 1980s. The result was economic stagnation throughout the 1980s and - towards the end of the decade - the conditions were created for an economic crisis.
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 economic policy, austerity is a set of political-economic policies that aim to reduce government budget deficits ... Romania — Ceaușescu's 1981–1989 austerity ...
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 ...
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.