Romanian President Traian Basescu recently criticized the International Monetary Fund (IMF) and the European Commission (EC), accusing them of having no reaction to “the fiscal adventures” that took place in Romania in the last eight months, before the presidential elections.

He said that there are major problems in drafting the budget and he wouldn't want to see these problems being solved by breaking the agreement with the IMF.

Basescu added that an interruption of this agreement would also represent a “black ball” for the IMF, the EC and the World Bank as it would be the first time “when a country comes out weaker than it entered, in terms of fiscal consolidation”.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: presidency.ro)