Governor Mugur Isărescu admits that the enormous private debtwas what prompted the state to seek assistance from the EuropeanUnion and the International Monetary Fund, but believes thedecision to become indebted was a "democratic" one and that behindit are more than 4 million Romanians, with banks only acting asgo-betweens, and bringing money from abroad.
The overall foreign debt is now close to 90 billion euros, and hascome to account for 75% of a 120 billion-euro Gross DomesticProduct.
In previous years, the debt swelled as a result of the amountsabsorbed by private companies, which ended up with 40 billion-euroloans, as well as by commercial banks, which attracted 22 billioneuros from abroad.
"Banks are to blame - I am using strong words in order to provokebankers - for 22 billion euros of the 90 billion euros, becausethey granted us loans. 4.5 million people took out loans, who makeup 50% of the economically active population. So I think we shouldnot overlook this quite significant aspect, when it comes to "whogot Romania into debt". The decision was clearly a democratic one,it wasn't made by someone in particular," said Isărescu at theRomanian Banking Forum, organised by Finmedia in partnership withthe NBR (National Bank of Romania).
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
