Banks Give Cheap Funding To State, Private Sector Clients Pay

02.27.2012 By Razvan Voican

Bankers pumped another 5 billion lei (EUR1.15 billion) into the state’s coffers in January by buying government securities, while private-sector loans in local currency fell by EUR1 billion. Figures for the first month of the year reveal a reality that has been going on since the beginning of the crisis: the state is a privileged client of the banking system, while the private sector is called on to pay the cost of non-performing loans and to pay for the banks’ inefficiency.

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