Doru Lionachescu, managing partner of investment banking
adviser Capital Partners, says on the July 1 we commemorated two
years since the crisis broke out, without genuine restructuring
measures being taken so far and without the possibility of a
technocracy being considered again.
Romania started on a downward path whose end is not in sight,
but things could worsen in autumn, in the context where the current
measures - cutting salaries in the public sector and raising the
VAT rate - will not be sufficient to balance out the budget.
"I think the VAT raise is not enough, and we will see a new
wave of measures this autumn. The unsustainability of pension costs
needs to be resolved either by taxation or by increasing the
retirement age. While others have started to grow, we are falling
even deeper after two years of crisis," which we technically
commemorated on July 1. We can say no genuine restructuring measure
has been taken, and the five-month budget execution stands proof of
that (the budget deficit reached 3.1% of GDP at the end of May,"
comments Lionachescu.
The 47 year-old consultant has worked for ING, Citibank, and
Bancpost banks over the years.
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