Romanian Property Owners Breathe Sigh Of Relief As Economy Gets On Track To Recovery
News Posted On: 17 February 2010
Romanian property owners and sellers have had quite a few reasons to breathe a sigh of relief in recent weeks. Romania, like many of its neighbours took a real beating from the worst of the financial crisis, and its government had to go some to keep the country from collapsing in on itself, which now leaves it with a substantial budget deficit and in substantial debt -- not a lot of countries aren't.
Of course this has all been known for several months and none of it would make anyone breathe a sigh of anything but exasperation, so what are you going on about writer?
Well, firstly they have gotten the International Monetary Fund back on board in a standby arrangement that will not only provide over 1 billion euros in loans and grants, but will allow them to tap financial markets around the world to raise a further 1 billion euros or more.
Secondly, the IMF agreement followed the adoption of the 2010 budget which laid out how Romania was going to pay for its spending during the crisis. This obviously met with IMF approval. It also followed a significant cooling of political tensions, which may or may not have been as a result of the new budget.
Either way, all the positive news has led to global financial ratings agency Fitch upgrading Romania's sovereign ratings from negative to stable. The body also affirmed Romania's foreign currency long-term debt rating at BB+.
Romania is part of a Bloc within Europe known for its exception growth potential, and solid investment opportunities. If it can get its economy really back on track Romania can get back to what it should be doing.
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