Badea, Clifford Chance: The crisis is not over. We need 3-4 positive events to change the perception about Romania

Lawyer Daniel Badea, the managing partner of the Bucharest office of the world's biggest law firm, Clifford Chance, considers Romania needs a successful floatation of Fondul Proprietatea, the sale for a good price of the state's stakes in major companies, as well as the launch of some mega infrastructure projects to be able to regain its appeal in foreign investors' eyes.
He speaks of "balanced optimism", considering Romania is now unable to break itself free from the international economic context.
"Romania cannot isolate itself from the various external influences, such as the euro crisis, the significant financial markets changes or the fallout of imbalances between emerging and developed markets. There won't be years of peace. Romania needs to be visible again on international markets and it can achieve this by listing Fondul Proprietatea, by selling stakes in Romtelecom, Petrom or Romgaz, the eurobonds programme or two-three infrastructure projects. It takes three-four pieces of good news to change perception about Romania", stated Badea in an interview.
The firm he runs fared well in the second year of crisis, posting double-digit turnover growth in 2010, so that Clifford Chance's revenues in Romania revolve around 8m euros, according to ZF estimates.
"The crisis is not over, but I find it hard to believe that it will as hard for us as in the previous years - on the one hand we have already experienced the crisis and on the other we will see the positive effects of the quite painful reforms," Badea added.