Romania needs restructuring of the state debt
According to Stephen Jennings, the head of the Russian investment bank Renaissance, Central and Eastern Europe needs a � shield � against possible default in the euro zone. He considers that Romania is OK fiscally, but they need new measures of reform to face the crisis, Mediafax says. Greece will be the first state in the euro zone to go into default ( payment incapacity) and could be followed by other countries who need restructuring of the state debt if the EU does not stop the spread of the crisis, Jennings said.
The head economist of the European Bank for Reconstruction and Development (BERD) Erik Berglof stated last week that countries in Southern-Eastern Europe such as Romania, Bulgaria and Serbia are exposed to the crisis in Greece. Almost a third of the banks in Bulgaria and 17% of the assets of the Romanian banking system are controlled by banks in Greece such as National Bank of Greece, Piraeus, Alpha Bank or EFG Eurobank Ergasias.In Macedonia, Serbia and Albania, the Greek loan institutions own between 15% and 25% of the banks.
Renaissance is the biggest investment bank in Russia, controlled by Jennings and the billionaiare Mikhail Prokhorov. The company has operations in Russia, Eastern Europe and the Community of Independent States. Romania is surely � better than the average � in the region, under Poland, but over Hungary who is � very exposed to a potential fire in Europe � the Renaissance head said.
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- Campo Belo São Paulo, São Paulo, Brazil
...As you read about Bosnia and Kosovo in your daily newspapers I remind you of the words of Socrates spoken at his trial in his own defence: "I do not know what effect my accusers have had upon you gentlemen but for my own part I was almost carried away by them; their arguments were so convincing. On the other hand scarcely a word of what they said was true."....