Consequences Of Romania’s Failure To Borrow Money From The US Market

11.22.2011 By Razvan Voican

The pressure on leu interests will go up again and the government will remain trapped in short-term funding on the local market. In a worst case scenario, Romania might end up borrowing money from the European Commission again to finance its budget deficit or resort to the mechanism already used in 2009-2010 when its central bank (BNR) cut the minimum foreign currency reserves requirements for banks, which in turn invested the freed-up money into eurobonds issued by the Finance Ministry on the domestic market.

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Keywords:: LOANS; , GOVERNMENT DEBT; , USA

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