Eleven years after Nicolai Ceaucsescu was dragged from his
impromptu trial and shot, Romania is still trying to dismantle his
economic legacy. And despite all the talk and good intentions,
subsequent administrations have shown great hesitancy in taking the
leap of faith needed for structural reform.
Unlike in Poland, where the early decision to submit to shock
therapy has paid off, Romanian politicians seem unable to overcome
the conflict between popular domestic demands and election-winning
manifestos on the one hand and meeting the demands of the IMF and
the EU on the other. Now, four months after Romanians woke up to a
new government, there are those who feel it could be experiencing
yet another false dawn.
In November 2000 president Ion Iliescu and the PDSR returned to
power in Romania. Since then international investors and bankers
have looked on - some with bated breath, some with idle curiosity
and...
