Romania’s rocky road to reform
“The ministry of finance has failed to create a local and international market for government paper, which the corporates could build on,” says Mihai Florian, vice-president of DCM at Merrill Lynch. “They are very conservative on the accounting side of things and have not driven forward the necessary changes in the capital markets. It can’t happen overnight, but I don’t think they are even putting in the groundwork at the moment.
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