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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 out 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 ...
The Romanian authorities began a very tough austerity program, which gained the approval of IMF, releasing the second tranche of the loan on 24 June 1982. [11] Following negotiations, the Paris Club agreed to delay 80% of the arrears due for 1981 and 1982 and the IMF released the last tranche in December 1982.
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".
In 1981, Ceaușescu began an austerity programme designed to enable Romania to liquidate its entire national debt (US$10,000,000,000). To achieve this, many basic goods—including gas, heating and food—were rationed, which reduced the standard of living and increased malnutrition.
Nicolae Ceaușescu (/ tʃ aʊ ˈ ʃ ɛ s k uː / chow-SHESK-oo, Romanian: [nikoˈla.e tʃe̯a.uˈʃesku] ⓘ; 26 January [O.S. 13 January] 1918 – 25 December 1989) was a Romanian politician who was the second and last communist leader of Romania, serving as the general secretary of the Romanian Communist Party from 1965 to 1989.
BUCHAREST (Reuters) -Romania's pro-European parties reached a firm commitment late on Tuesday to form a governing majority that cordons off the hard right and potentially endorses a single ...
The Socialist Republic of Romania (Romanian: Republica Socialistă România, RSR) was a Marxist–Leninist one-party socialist state that existed officially in Romania from 1947 to 1989 (see Revolutions of 1989). From 1947 to 1965, the state was known as the Romanian People's Republic (Republica Populară Romînă, RPR).
In world cinema, austerity isn’t just a quality — it’s an aesthetic ideal that gets passed around from country to country. The epicenter of high cinematic austerity was once the Sweden of ...