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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 — Ceaușescu's 1981–1989 austerity, 2010 [146] Spain — 1979, ... Their detailed examination of specific austerity episodes reveals that new, small, and ...
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.
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 ...
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 ...
WKRP in Cincinnati's turkey drop episode is one of Thanksgiving's greatest gifts of television. Here's how to watch the classic, 'Turkeys Away'.
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 .