A very interesting article written by Mr Ionut Popescu for the published edition of Capital.
Below a short translation.
‘So, after the Greek experience, some people’s willingness that Romania should get faster into the euro area by relaxing the required conditions, has proven to be just a dream.
Since the introduction of the euro, no country has had problems as big as Greece currently has. It circulated scenarios unimaginable a year or two ago: Greece to come out of the euro area, incapacity to pay and alike. Something like this is unlikely to happen. The Greeks seem to have bet wrong: they thought that the fraternal countries of Europe, which through their veins ‘flows’ euro also, will jump immediately to help them stay calm on the beach. European finance ministers have given the Greeks a short answer: do not even think! You must solve yourselves the problems. But in what situation is Greece? The budget deficit rose last year to 12.7% of GDP. Comparing with Romania, here the deficit was within the expected target by 7.3%, and it is expected to fall this year to 5.9. Greek public debt is greater than all their GDP: 113%. Romania’s public debt is less than 30%!!! Among the lowest in Europe. The European standard, under which we should keep for joining the euro, is 60%. In fact, even if it sounds strange, the low share of public debt is the only criterion to adopt the euro our country is already met (…)’.
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