ROMANIA’S EMBATTLED GOVERNMENT is trying whatever it can to reassert its wavering grip on power, including attacks on the financial sector. But the banks might not be able to afford cuts any more than ordinary individuals can afford IMF-led austerity measures. In less than two years retail defaults have pushed non-performing loans in Romania to more than 20% and rising. Now analysts think a populist emergency ordinance on consumer credit could cost banks another €500 million – perhaps enough to push some of them over the edge.
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