Grindeanu and Tudose governments have increased Romania’s indebtedness by EUR 553 per second

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The PSD-ALDE governments led by Sorin Grindeanu and later on by Mihai Tudose have borrowed more than EUR 10.3 billion in the first seven months of this year, with an average rate of EUR 553 per second.

For the entire year 2017, the Ministry of Finance predicted that the loans will amount to about EUR 15.7 billion, ‘Romania Libera’ newspaper informs.

According to the information provided by the Ministry of Finance, one can conclude that in the first six months of 2017, the PSD governments needed more money than the Dacian Ciolos cabinet for the whole year 2016, the source reports.

At the same time, official information shows that about RON 50 billion have been planned to be borrowed this year, money to be accessed on the domestic market, of which the Government has already borrowed some RON 30 billion and EUR 340 million.

“RON 1.5 billion will be further drawn from the loans contracted by the local public authorities,” the Finance Ministry says.

The level of external market borrowing will be about EUR 3.1-3.6 billion this year. Euro-bonds worth EUR 1.75 billion were already issued by July 31.

Also, the Government has already borrowed from the World Bank EUR 45 million, and in September it will take steps to get a EUR 500 million loan.

The calculations show, among other things, that since the beginning of the year, the Grindeanu and Tudose governments have borrowed on average RON 5.66 billion each month, the amounts being guaranteed by government bonds due during 2018-2036.

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