Romania has quietly slid into a debt trap and there are fears that it could be allowed to go under as the IMF and World Bank play hardball.
The multilaterals, much criticized over recent bail-outs and for allowing funds to be advanced before reforms have been put in place, may decide that Romania should provide evidence of a new tough approach.
Unlike Brazil, it’s too small to cause shock waves. Unlike Russia, its collapse wouldn’t threaten regional political stability or even investment banks’ balance sheets.
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