“We have debts of EUR 70 billion and we haven’t done anything”

“We have debts of EUR 70 billion and we haven’t done anything”

Exclusively: In the middle of a political scandal, the man who suddenly withdrew from the position of prime-minister in 2008 warns about the danger of an economic “side-slip”.

Theodor Stolojan says Romania planned badly the external loan and this mistake will cost it very much, in the following years.

The Government must cut urgently, by over 1 billion euro wage debts. There is the danger of a budgetary “side-slip” at the end of this year, with the severe effects in 2010. The money borrowed from IMF is just a little more time for a reformation that hasn’t been accomplished yet.

A great peril is hunting us: the rise of interest rates on the international market. Romania’s public and private debt exceeds 70 billion euro. According to the recent estimations, interest rates for external loans can reach 3 % of the GDP. These are real facts of the Romanian economy seen by Theodor Stolojan.

During the 2004 campaign we were saying we should take EUR 30  billion from the European Union and with that money we could take a jump. It resulted nothing says Stolojan.