November 29, 2019

Traian Basescu: Romania will collapse unless investments are made to offset loans for pensions
Nov 29, 2019

Traian Basescu: Romania will collapse unless investments are made to offset loans for pensions.

Romania will collapse if no investments are made in parallel with borrowing for the payment of pensions, and the People's Movement Party (PMP) supports the Orban Government but requests that the EU funds are used as a compensation for the loans that have to be raised for pensions, former President and PMP MEP Traian Basescu said on Friday. "The situation is not rosy, but anyway it was not unknown. What shocks me is to see them ingenuously coming on TV to relate about the budget hole caused by pensions. Anyone who looks at the substantiation of the pension law, which the Opposition has voted as well - I don't know if PMP has voted on it - can see this clearly stated: an 8-billion deficit in 2019, a 24 billion-deficit in 2020, 53 billions in 2021 and 81 billions in 2022. Add them up and the result is 136 billions. (...) The pension law cleared Parliament with the substantiation on the table for everyone to see. So why complain about surprises? My request is that we should follow the party line and base our statements on realities. Stories where one pretends not to know what the reality looks like and all the TV chatter don't hold water. The pension deficit was a well-known issue. So that the problem they have to handle now is not how the deficit appeared, but how to finance it, and this cannot be done otherwise but through loans. And they must be raised because I understand that everyone from the President and PM to the ministers agrees that the pension law won't be changed anymore; yet Romania will collapse if no investments are made in parallel with borrowing for the disbursement of pensions," Basescu told the PMP National Council meeting in Sinaia. According to the former head of the state, "a country cannot live just off loans, one has to put something next to the loans, and that 'something' are the investments from European money that idles unspent". "The key to the success of the Orban Government is whether it will use the European money for investments, to create jobs and offset the loans it has to raise for the pension law. The pension law must indeed be enforced, I don't want us to be demagogical, particularly the retirees with small pensions are living a dire life. And a solution must be found. (...) Something had to be done about the pensions. Of course, we are not discussing here the special pensions which, had the government respected its promise, should have been cut right from the first government meeting, when they should have switched to the contribution-based system. The government must improve its administrative capacity to manage projects and make them happen. (...) We support the Ludovic Orban Government, but he we will ask it to do this, to use the European money to offset the loans that have to be taken out for pensions," said Traian Basescu. AGERPRES (RO - author: Catalina Matei, editor: Karina Olteanu; EN - author: Simona Klodnischi, editor: Simona Iacob)

[Read the article in Agerpres]

Endava Leases 12,500 Sqm in Forte Partners' U-Center Office Project UK software and IT services provider Endava has leased 12,500 square meters of office space in the U Center office project developed by Forte Partners in the Tineretului area in downtown Bucharest.

European Parliament to issue its first resolution on the topic of Romania's anti-Communist revolution The day marking 30 years since the Romanian revolution against dictator Nicolae Ceausescu started, the European Parliament debates in Strasbourg on Monday a resolution on the event that changed the fate of Romania. It is the first official standing of the European institution on the topic of (...)

MedLife Completes Acquisition of Lotus Hospital in Ploiesti MedLife Medical System, the leader of the private medical services market in Romania, has completed the acquisition of 100% of the shares of Lotus Hospital in Ploiesti, which had a turnover of EUR3.9 million in 2018.

Former presidential candidate Cumpanasu faces fraud inquiry over education claims The head of an NGO with strong ties to state structures, who also ran in Romania's presidential elections this year, has been placed under inquiry by anti-corruption prosecutors (DNA) over alleged lies in his resume, which amounts to fraud, judicial sources told news agency (...)

​Former police intelligence boss, a fan of ayahuasca "tea", arrested in case of massive use of high risk drugs A former head of an intelligence department of Romania's Interior Ministry, his partner and a British citizens have been retained for 30 days in a drug trafficking case, judicial sources have told news agency Mediafax. Gelu Oltean, former head of DIPI, a section that used to answer to the (...)

FintechOS: We Expect EUR50M To EUR100M Funding Round Next Year Startup FintechOS, which specializes in development of digital transformation solutions for the financial industry, expects EUR50 million to EUR100 million funding next year to support its growth plans.

2019 In Review: Most Important Events in Construction Sector Good things and bad things. This was about the trend on the construction market in 2019, the year that saw two more insolvencies, as well as the first profit of more than 1 billion lei (over EUR200 million) in the DIY business, the year when several thousand employees ‘vanished’ from the (...) : all romanian news. Copyright © DIRECTWAY | News RSS |